Getting ahead with applied statistics: Real-world problems you can expect to solve with an online applied statistics degree

In today’s world, a large part of the population is data-driven. Individuals and organizations alike rely on data and statistics to make informed decisions.

An online Applied Statistics degree could be right up your alley if you want to tackle and solve existing and upcoming real-world problems. Statistics courses cover various topics, including but not limited to data collection, data presentation, and business intelligence concepts.

This degree can equip you with the education and skills necessary to solve practical statistical problems in nearly any industry. Keep reading below to learn more about the real-world issues you can expect to tackle with an online Applied Statistics degree.

Understanding statistical problems

There are many statistical problems in the real world, and they come in various shapes and sizes. Statistical problems occur in several industries and fields, from business data analysis to the medical industry.

Such issues include climate change, healthcare reform, tax policy reform, and financial crisis management, all highly dependent on statistics. A statistician utilizes mathematical tools such as regression and correlation to identify patterns and make predictions in various areas.

Computers can process much information but cannot replace human intuition and critical thinking skills used in solving these problems. With a Masters in Applied Statistics, students can gain these skills and stay prepared for the most pressing real-world issues faced today.

Components of a statistical problem

An online Applied Statistics degree could be right up your alley if you want to tackle and solve existing and upcoming real-world problems. Statistics courses cover various topics, including but not limited to data collection, data presentation, and business intelligence concepts. They include:

• The Question or problem statement
• Collection of appropriate data
• Analysis of the data collected
• Interpretation of the results to make an informed decision on the problem

For example, you may want to calculate the average time it takes for customers to make their purchase at a grocery store.

To do this, you should collect data about how long customers spend shopping during one week. You should then use some basic math skills to analyze, interpret, and come up with an answer.

Six statistical applications in real-world problems

Statistics isn’t just about memorizing formulas and technical jargon. It’s about applying your knowledge to real-world problems and answering questions with statistical techniques. Here are six applications of statistics in real-world situations.

Weather forecast

An accurate weather forecast is critical for many industries, from agriculture to air travel. However, creating a forecast is more complicated than simply looking at the current conditions and making the best guess.

Meteorologists use applied statistics to analyze past weather patterns and predict what the weather will be like in the future. They often use statistical inference when constructing their forecasts.

For example, they observe many random variables representing the atmospheric data observed over time. Meteorologists then calculate descriptive statistics such as averages and standard deviations, which are examined and interpreted to make informed predictions.

Such statistical methods give meteorologists confidence in their forecast while also providing information on possible outcomes to warn those who depend on it.

Business statistics

As a business owner, you use statistics to understand your customers and understand how to market your business effectively. You’ll also be able to track your progress and assess your successes over time.

Additionally, you’ll know the best ways to make decisions in the face of uncertainty. For example, you may want to decide between two different marketing strategies that have been proven equally effective on average.

However, one strategy has a better success rate than the other overall, while the other has a better success rate in some cases. With applied statistical skills, you will have a better chance of coming up with the best possible solution.

Quality testing

No matter what product or service your company offers, quality testing is essential to ensure that it meets customer expectations. As an applied statistician, you will be skilled in designing and conducting experiments to test products and services for quality.

This knowledge will help you keep your company’s products and services at the top of the market. Analyzing data sets will be an excellent skill if you want to increase efficiency within your company.

Data analysis gives insight into your business’s success and helps identify areas where improvements need to happen.

Emergency preparedness

Every year, natural disasters happen all over the world. Being prepared for these events is crucial for both individuals and businesses.

You can develop the skills necessary to create emergency plans and models with an online degree in applied statistics. You can utilize the models to assess risks better and make decisions that could save lives.

For example, if a company sets up in a tornado alley, you can advise them to add extra costs into their budget for safety precautions. That way, the business can continue operating without interruption even if disaster strikes.

Predicting disease

Another major part of an online applied statistics course is learning how to predict disease. You can do that by analyzing data sets that contain information on patients, their symptoms, and whether or not they contracted the disease.

By looking for patterns in this data, you can develop models to predict the likelihood of a person contracting a disease. In many cases, these models are accurate enough to help people make decisions about preventive healthcare measures like vaccines or antibiotics.

Insurance

A large number of businesses require insurance to protect themselves from potential liability. Actuaries use statistics to compute the probability of an event occurring.

They then use the outcomes of these computations to determine the insurance rates used to calculate premiums.

Studying applied statistics online will prepare you to work as an actuary and help businesses determine their insurance rates.

Parting shot

An online Applied Statistics degree will prepare you for many real-world problems. You’ll be able to tackle issues like data analysis, hypothesis testing, and statistical modeling.

With such skills, you’ll have the chance to work in fields such as insurance, marketing, healthcare research, and more.

Your ability to make sense of numbers is a great asset in any job where decision-making is critical. With the proper preparation and training, you’ll be ready to handle whatever comes your way.