Statistics is an ideal tool to analyse quantitative data and derive meaningful inferences in a definite way for operative applications. It provides a comparative study that helps in estimating the result accurately. The relevancy of the statistical relationship between focussed variables is used to optimally estimate and predict future trends. Statistical techniques are abundantly used in formulating various policy plans in both governmental and non-governmental organizations. Statistics plays a significant role in Data Analysis, which is used in a big way in decision-making. In this paper, the authors have attempted to review the research efforts gone into by various researchers so far, into defining various statistical tools and their suitability for usage in engineering and non-engineering fields. An attempt has been made using newly developed computational techniques using Python, ML, etc. to authenticate the statistical estimate and prediction.