What is in news?
The 2023 International Prize in Statistics has been awarded to Indian-American statistician Calyampudi Radhakrishna Rao.
Regarding the award
- It was created in 2016 and is given to an individual or team once every two years for significant contributions utilizing statistics to promote research, technology, and human welfare.
- In the discipline of statistics, it is compared to the Nobel Prize.
- The International Prize in Statistics’ overarching objective is to increase public awareness of the breadth and depth of statistics.
- The American Statistical Association, Institute of Mathematical Statistics, International Biometric Society, International Statistical Institute, and Royal Statistical Society are the five principal statistical associations that oversee it.
Radhakrishna Rao’s creations
- He presented three essential discoveries in his 1945 paper, which was published in the Bulletin of the Calcutta Mathematical Society. These results paved the path for the contemporary discipline of statistics and gave statistical tools that are widely utilized in science.
- The first of the three conclusions from the 1945 work is the Cramér-Rao inequality, which has applications, among others, in quantum physics, signal processing, spectroscopy, radar systems, multiple-image radiography, risk analysis, and probability theory.
- The Rao-Blackwell Theorem, which provides a mechanism to enhance an estimate to an optimal estimate, was the second result.
- The third finding of the paper led to the creation of a brand-new interdisciplinary field known as “information geometry.”