Statistics is the science of dealing with data about populations and using statistical techniques to make decisions that affect our lives. It is used extensively in fields like marketing, accounting, and healthcare to better understand data and make effective decisions. Studying statistics allows for simple presentation of complex data, expands individual knowledge and experience, facilitates comparison of large data sets, and helps with forecasting by extrapolating present data to predict future changes. Statistics provides a more reliable basis for decision-making than individual perceptions alone.