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Business Statistics: The Important Role Of Statistics In Business

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STATISTICS Statistics is the science of collecting, organizing, analyzing, and understanding data in order to make conclusions. STATISTICS IN BUSINESS Business statistics is a department of statistics which is applied in the business situation. It can be used for quality assurance, financial analysis, production and operations, and many other business areas. Just as in general statistics, there are two kinds: descriptive and inferential. Descriptive statistics are used to define the total group of numbers. Inferential statistics infers relationships from the population of numbers. ROLE OF STATISTICS IN BUSINESS Statistics plays a vital role in business. A successful businessman must be very speedy and accurate in decision making. He knows that what his customer’s desires, hence he should know what to produce and sell and in what quantities. Statistics guides businessman to design production according to the taste and preference of the consumers, the quality of the products can also be checked more efficiently by using statistical methods. In fact, many business accomplishments can be accomplished with statistics including deciding a new location, marketing the product, and even estimating what the profit will be on a new product. For e.g., 4 out of 5 dentists recommend Dentine. This is an example of marketing catchphrases that businesses will use to make their product sell. These involve the use of statistics. SCOPE AND IMPORTANCE OF STATISTICS IN BUSINESS Statistics is an

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