MATHEMATICS AND STATISTICS: a POWERFUL DUO

[Virtual Presenter] Good morning everyone! Today I'm going to demonstrate the incredible might of mathematics and statistics. When used together, these two disciplines have the potential to make sense of the complexities of our world. We will be looking into various ways in which mathematics and statistics can be applied in real-world scenarios including finance, technology, shopping, and health and fitness. Let's take a look at how mathematics and statistics can help us identify patterns and make sense of the world!.

[Audio] Mathematics and statistics are two powerful and complementary fields of study. Mathematics gives us the system and clear definitions while statistics allows us to measure and draw conclusions from data. By combining these two fields, we can develop a more comprehensive idea of how the real world works, from financial decisions and predicting stock market movements, to medical care and biology, to sports and the environment. With mathematics and statistics, we can gain a better understanding of our world and how we can use that knowledge to better our lives..

[Audio] Mathematics is an essential part for our everyday lives, from budgeting to tracking our fitness progress. It provides a valuable tool to comprehend how the world works. Its basis is formed by the basic concepts and principles of numbers, operations, algebra, geometry, calculus, trigonometry, and logic. These fundamentals are used to construct advanced applications in multiple areas, such as finance, shopping, health, fitness, and technology. In finance, mathematics helps budget, calculate interest, and understand credit card statements. In shopping, mathematics supports us calculate discounts, compare prices per unit, and regulate our budgets. In health and fitness, mathematics helps us count calorie intake, arrange exercise objectives, and follow progress. In technology, mathematics assists us comprehend data usage, manage memory space, and read data visualization. Mathematics and statistics work together to aid us to make sense of the environment surrounding us..

[Audio] Mathematics and statistics are two areas of study that are often used together to explore real-world scenarios and applications. Statistics is a branch of mathematics that focuses on collecting, interpreting, analyzing, presenting, and organizing data. There are two distinct types of statistical studies: Descriptive and Inferential. Descriptive studies provide summaries of characteristics of data such as the mean, median, and mode while not making assumptions about the population. Inferential studies make use of statistical techniques to test hypotheses and make predictions about a population based on a sample. This combination of mathematics and statistics is an invaluable tool for gaining insights about our world..

Application in Business.

[Audio] Mathematics and statistics have gained immense importance in the present era. In the realm of business, statistical analysis is indispensable for decisions related to marketing, production, finance and investment. Statistics offer an abundance of data helping us understand the aspects of production, purchasing power, consumer behaviour, manpower and transportation costs, as well as represent the risk and return of investments. In short, mathematics and statistics are essential for the accomplishment of numerous businesses today..

[Audio] Math and statistics are powerful tools for detecting patterns in the world around us. In the business world, they are used extensively: auditing processes use sampling and destination techniques; purchase and procurement departments rely on statistical data to inform their policies; research departments analyze their own business and economic conditions; credit departments use statistics to decide how much credit to extend; and materials, labor, sales, and other costs are managed using a combination of statistical and accounting methods. Math and statistics thus provide insight into a broad range of real-world scenarios..

[Audio] Math and Statistics are essential in the medical domain. Equations, statistics and graphs equip us with the capacity to comprehend and measure the intensity and dissemination of illnesses, aiding us in better diagnosing and hindering them. With mathematics, we can gauge the probabilities of someone having a particular illness, we can examine the effectiveness of certain treatments, and we can monitor the repercussions of the sicknesses that impact us and the ones around us. With the help of mathematics, medical professionals can make decisions that are based on data and evidence, helping to achieve the most favorable outcomes for patients and helping us to attain better health. In the long run, mathematics prove to be a priceless asset for comprehending the healthcare sector and elevating the health of everyone..

[Audio] Mathematics and statistics provide major insights into how diseases propagate through populations. Epidemiologists use these tools to calculate the incidence rate of a disease - the number of new cases in a given amount of time - and prevalence, the proportion of a population that has the disease. To analyze the speed of disease spread, epidemiologists look at the basic reproduction rate (R0) - the average number of new cases generated by one existing case. An R0 lower than 1 will lead to a slow spread, whereas an R0 higher than 1 will result in rapid, exponential growth. Ultimately, mathematics and statistics help us understand and address the challenges posed by infectious diseases. They assist in devising strategies to reduce disease spread, such as social distancing, testing, and contact tracing, so that we can make informed decisions to protect the public..

[Audio] Math and statistics are two highly effective tools in understanding our environment. Applied in technology, they are used to secure data we rely on daily. For example, mathematical functions, digital signatures and secure protocols all serve to create the foundation of trust in digital transactions. In cryptography, maths helps establish the competence of public key encryption algorithms and secure protocols. Blocking access to blockchain ledgers and encrypting data are further examples of how maths safeguards the digital realm. Therefore, maths and statistics are essential in the digital world, giving us greater insight into potential opportunities..

How are mathematics and statistics used in machine learning and AI?.

[Audio] Mathematics and statistics are essential for data science. Just like a musician must master their instrument to reach excellence, data scientists must understand and use mathematics and statistics to process data effectively. For example, calculus can be used to reduce error rates in machine learning and linear algebra facilitates data interpretation. Algorithms and mathematical models are used to predict data and optimise results, while probability allows for the development of Artificial Intelligence's problem-solving capabilities and statistics provide the foundations for machine learning. It is clear that a data scientist's toolkit would be incomplete without a thorough knowledge of both mathematics and statistics. To gain a better understanding of their application, let us explore how they are used in real-world scenarios..

[Audio] Mathematics and statistics are essential tools when it comes to understanding and solving real-world problems across various fields. As our society moves forward, the importance of having strong foundations in mathematics and statistics to ensure informed decision-making, data analysis, and technological advancement is becoming more and more evident. By acknowledging the potential of mathematics and statistics, we can open up new possibilities for growth and development while continuing to tackle the complexities of the modern world..