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Statistics
Overview
Statistics is a branch of mathematics dealing with data collection, its organization, analysis, interpretation and presentation in order to make informed decisions based on the findings. It provides us with a way to organise large amounts of numerical data and then analyse it to find patterns or trends. Statisticians deal with large amounts of data in both public and private sectors to meet the requirements of different organisations. They use a variety of statistical methods to collect and analyze this data, which is then used to devise plans to solve real-world problems. As a field, statistics finds application in various industries. For example – in software companies, they coordinate and develop new software products designed to collect and analyze data. Statisticians working in the financial industry evaluate risks and investment returns. Statistics helps us to notice patterns, make predictions and comparisons, improve public policy, widen our theoretical base and ultimately diminish uncertainty in any given field of application. Hence, it provides several and exciting employment opportunities for individuals who want to explore a career path in this field.
Job Prospects
Some of the prospective jobs under this field are :
- Government & Public Policy: Statisticians employed by government agencies maintain, organise and analyse demographic and statistical data for improving public policy, addressing grievances, find solutions to practical problems, streamline government run programs etc.
- Applied Statistician: Applied statistics is the application of findings from statistical data to solve real life problems in any given field.
- Vital Statistics: Vital statistics deals with data collected for live births, deaths, marriages, divorces etc.
- Research: The research work usually revolves around designing the right kinds of experiments and methodology for analysing data to improve existing products or develop new ones.
- Sports: Statisticians are employed by various sporting organisations or sports teams to improve players performances, make decisions regarding retaining or acquiring players for a team based on the inferences drawn from data collected from their performances.
- Education: Statisticians can take up teaching as a lucrative career option. They also help students design and conduct experiments or research, followed by assisting them in analysing data emerging from their research.
- Healthcare: Biostatisticians/biometricians are employed in hospitals, pharmaceutical companies or public health agencies to conduct tests in order to determine the effects of existing or new drugs and their vitality.
- Advertising: Advertising agencies require statisticians in determine target population for any given product by studying the consumers behaviours related to expenditure and use of products. By conducting and analysing data from surveys they evaluate people’s preferences and attitude towards a product or a service.
- Banking & Insurance: They use different statistical methods to study data based on previous investments to assess the success rates of policies and programs in action.
Roles & Responsibilities
Certain duties attached to this field are :
- Discuss with clients their requirements and devise a plan to carry out statistical research accordingly.
- Design research methodology and experiments to collect raw data.
- Use appropriate statistical tools to collect, organise and analyse data.
- Run tests covering different parameters to derive results and make inferences based on the same.
- Prepare reports, presenting statistical findings.
- Provide guidance to clients based on the results obtained after statistical analysis.
- Coordinate with other members of the team or project, in order to meet the requirements of the clients.
- Ensure that legal and ethical standards are met while conducting research as well as implementing the decisions based on the results of statistical analysis.
Desired Attributes
Given below are desired qualities for professionals in this field :
- Logical and critical approach to work.
- Excellent analytical and deduction skills.
- Strong theoretical foundation and knowledge of different statistical tools.
- Attention to detail is a must.
- Good problem solving skills.
- Good time management skills and ability to meet deadlines.
- Ability to communicate well with others on a team.
- Adequate writing skills to be able to present ones findings in an appropriate fashion.
- Need to stay up to date with the latest theoretical developments and tools used in the field.
How to get there
Path 1:
- Clear 12th standard in any stream (Maths) with minimum 55% aggregate
- B.A./B.Sc. in Statistics/ B. Stats. /Applied Statistics for 3-4 years
- M. A./ M.Sc. in Statistics /M. Stats. – 2 years
- Ph.D. for 3-5 years
Path 2:
- Clear 12th standard in any stream (Maths) with minimum 55% aggregate
- Integrated Program in M.Sc. Statistics – 5 years
- Ph.D. for 3-5 years