Graphs in Statistics Coursework Example

Graphs in Statistics
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Statistical graphs are applicable in several ways such as in the homes, in investments, in business and sports. In homes, for instance, graphs are used to indicate the rate at which a particular foodstuff is used in the family setting as well as the rate at which fuel is consumed for a given period. Similarly, the line graphs can be used to compare the power consumption in the homes for different months. The graph can also be used in homes to indicate the expenditure in the homes in every year. In the investment, however, an individual can apply the graphs to indicate the interest rate in relation to the amount that is invested in a particular season or period. The investors also use the line graphs to determine the specific investment that is more profiting than the other. From the investment graph, one can know the investment which has the least risks and many outcomes to major on while giving the other limited attention.
Business firms also use the line graphs to indicate the rate of expenditures and the assets that they have in store. By the use of the line graph, the management can tell the months that experience much sales and the one with limited sales and the reasons behind these sales. The management can also determine the best way to use to sell the products in the firm. In sports, for instance, the baseball uses the line graphs to indicate the teams that score in every round when they play. The numbers of scores are also indicated per team to show the rate at which each team scores.

The graph can be used to predict the next team to score.