Classical and Bayesian Approaches to Statistical Analysis and Its Tools for Assessing the Development of the Economy and Regions

The importance of statistics lies in its visual application and use in everyday life, science and economics. Statistics studies uncertainty, which we can quantify, interpret using the necessary method, and use further. With the help of statistical analysis, it is possible to reduce the uncertainty that we encounter in the growth or fall of company shares, the index; financial risks in a merger; portfolio risks; the amount of insurance premium; the dynamics of electricity consumption; the direction and intensity of the spread of the epidemic; the demand for products and how it will be changed by new product lines. The information listed is uncertain, events are sometimes random, but with the help of statistical analysis it is possible to get into the essence in order to study the problem of interest, as a result, this study will help reduce uncertainty.