The mathematical foundations of statistics as a separate discipline were laid by Fisher, Neyman and Wald during the second quarter of the last century. Subsequent research in statistics and the courses taught in the universities are mostly based on the guidelines set by these pioneers. Statistics is used in some form or other in all areas of human endeavor from scientific research to optimum use of resources for social welfare, prediction and decision-making. However, there are controversies in statistics, especially in the choice of a model for data, use of prior probabilities and subject-matter judgments by experts. The same data analyzed by different consulting statisticians may lead to different conclusions.
What is the future of statistics in the present millennium dominated by information technology encompassing the whole of communications, interaction with intelligent systems, massive data bases, and complex information processing networks? The current statistical methodology based on simple probabilistic models developed for the analysis of small data sets appears to be inadequate to meet the needs of customers for quick on line processing of data and making the information available for practical use. Some methods are being put forward in the name of data mining for such purposes. A broad review of the current state of the art in statistics, its merits and demerits, and possible future developments will be presented.
