'What is Applied Statistics
Applied Statistics is a set of scientific tools for collecting, analyzing data, and making decisions and predictions on a wide range of problems based on various statistical models.'
‘ At 7:30 in the morning, Kim takes an umbrella as told in the morning news weather forecast and is on the way to work. As usual, Kim picks up a newspaper from the subway station and gets on the subway. After checking that today's stock prices and exchange rates are higher than yesterday, she reads an article about the Presidential approval rating prior to the next general election. Looking at the sports section, Kim can read some articles about the game contents and batting rate of an emerging baseball player. The above is a part of Kim's daily life. What is interesting here is that all related to Statistics. In general, Statistics may seem like a difficult study that is not related to real life, but actually we live in a world of Statistics...’
We can say that Statistics is an essential tool as it is used in various areas such as precipitation probability of 70% in weather forecasts, fluctuations in daily stock prices and exchange rates, surveys of approval ratings prior to the general election, the batting average of a baseball player, and the average time until arrival.
In other words, it is unimaginable for us to live without statistics, as statistics is very important and closely related to us.
In statistics, the group that we are interested in is called the population.
It would be great to obtain the complete information (full information) about this population, but in most cases, it is not possible. Thus, Statistics is a major that studies a part of the data from the population and analyzes them scientifically to show the results that we want or make the right decisions.
Statistics can be said to be an essential foundation for rational thinking and decision-making in uncertain situations.
Since Statistics is a 'methodology', it has a unique academic feature of being able to be combined with various fields such as business, economics, natural sciences, engineering, and medicine. Statistics can be used as an appropriate tool in various other fields and different methodology is required for each field. Studying the methodologies is what is studied in applied statistics, and the usefulness and necessity of applied statistics will continue to increase in the future.
Have you heard of Big Data?
The big buzz in the recent economic and business field is Big Data. At this very moment, data is pouring out from numerous companies / organizations. In the era of Big Data, the ability to analyze Big Data becomes one’s competitiveness.
This is because it can play a decisive role in corporate decision making.
The most necessary study in the modern trend of making decisions based on data analysis and forecasting is applied statistics.
Why Applied Statistics at Yonsei University?
Since the Department of Applied Statistics at Yonsei University belongs to the College of Commerce and Economics, students are able to learn the statistical methodology necessary for economic and business field in real life. This requires a good understanding of economics and business as well as statistics. In fact, students of Applied Statistics take many courses in economics and business, and they are recognized for their expertise in these three fields through opportunities such as double major. Especially, as Korea enters into the rank of advanced countries, quantitative decision making through big data analysis is very popular in economy / business field.
Applied Statistics, which supports this mathematically, can be said to be the most talked about topic of the present day. In fact, many students majoring in economics and business take classes in Applied Statistics, and more students are choosing double majors in Economic + Applied statistics or Business + Applied statistics. Reflecting this tendency, it is said that the students per professor ratio in the Department of Applied Statistics are the highest in Yonsei University.
Applied Statistics! It is a shortcut to the Blue Ocean.