PATNA: Very often, we encounter discussions related to the interpretation of data, which somehow requires an understanding of the concepts in statistics and mathematics. For example, we frequently see pathological or blood test reports or the various numbers, graphs and tables in the newspapers, which rely on some of those concepts. A proper understanding of mathematics and statistics helps correctly interpret the data's relevant information.
For example, say inflation has come down from seven per cent to five per cent over time. Of course, it does not mean that the prices have come down. However, it implies that the rate at which prices increased has come down. To reach this conclusion, we have used a concept of mathematics to calculate inflation as a rate of change in prices. In addition, the concepts of mathematics and statistics helped us collect price information systematically and prepare the consumer price index or wholesale price index, which is used in calculating inflation.
