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Essay On Importance Of Statistics

1000 Words4 Pages

Data is constantly changing and evolving. But it is very important to adapt to these changes, because data is a critical aspect for growth of companies around the globe. Data is defined as plain facts and statistics that is collected during the everyday operations of a brand/company. While almost all types of companies collect data, it is very important for brands to make sense of that sense. Without being able to infer any insights and knowledge from the data, it becomes completely useless. That is why even if companies have a lot of information and data, sometimes they lose out because they are not able to sense out of it. Since its establishment, companies collect a lot of information and data about various things like customer information, …show more content…

From helping to decide the per capita of a country to the employment rate to the number of medical/schooling facilities required in a region, statistics has a very important role in the functioning of human society. In current times, statistics holds a very important and critical position in a number of fields including commerce, trade, psychology, chemistry, botany, astronomy among many others. This is because as a field, statistics has widespread applications in almost all types of areas and sickliness. Here are some important areas where statistics can be applied in for gathering better information and insights. 1. Business: Statistics has a very important and critical role to play in the field of business. This is because brands and companies are extremely competitive, making it difficult for brands to stay ahead of their customer expectations and desires. It is therefore important that brands take quick decisions so that they can take better decisions. Statistics can help brands understand the expectations of the customer and thereby balance their demand and supply in an effective fashion. This means that a lot of the decisions of brand is dependent on good statistical decisions and

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