Accounting

Part I of Essay
Statistical concepts are used in various aspects on industry. The following highlights the use of statistics in these industries: /Auditing, Insurance, and Medical (Pharmaceutical).In the /auditing field, it is imperative that the auditor makes an effort to determine that f ....

Part II of Essay
.... This use of statistics provides an auditor with a lower cost approach to substantiate accuracy -- this is important to both the auditing firm and the industry being audited.Another industry that utilizes statistics on a daily basis is the insurance industry. In fact, this industry relies on statistics to help forecast its bottom line results. The typical insurance company uses statistics to determine approval rates for clients, while providing coverage (life, medical, dental, etc.) and turning a profit.For example, an insurance company might ....