Statistics And Decision Making: The Importance Of Statistics In Business

Statistics is the study of the collecting data, analyzing, interpreting, organizing of data and came up with final decision. It can be understand in two ways that are plural and singular. During the collection of data, analyze data comparing data it is plural or descriptive. When it reaches to decision making it is inferential or singular. Statistic is very important in business to forecast, plan, organize and decision making by managers to have successful business in future. Statistics also helps in describing problems, identifying and evaluate courses of action and estimating errors. Statistic really helps to different manager like Marketing, Production, Human Resources and Finance Manager in different situation and fields. There for they

Statistic has numbers of advantage in the business for planning, forecasting, organizing and decision making. Not only had that but also helped managers to illustrate their problems and approximate errors. Statistic really helps to Marketing Manager, Production Manager, HR Manager and Finance Manager to make their job easier.

Statistics have many different applications in the business, such as manager's role in performing management. He can collects a data about employee productivity, such as the number of tasks they completed or the number of units they produced in an organization. He can analyze that data to find which an employee should be improve in what way to achieve maximum productivity in an organization. Therefore learning statistic becomes very

With this result of forecasting Managers can manage business in proper and effective way. Finally, it will lead to achieve great result by an organization. With the time passes the taste and preference of consumer keeps on changing. So it will lead to change demand and supply of the goods and services. In such cases the role of statistic had to play and fixed the problem.

Learning statistic in business will help managers in alternative scenarios as when manager is participating in joint decision making with different manager statistic helps them to compare alternative scenarios and choose the best possible option for their company.

Statistic is collection of data and summarizes that data, it is not only advantages of business if manager use a logical approach, collects and reports data in decent manner. Managers might use statistics to determine if sales levels the company achieved for the last few products launched were even close to projected sales levels. He might decide that the least-performing product needs extra investment or perhaps the company should shift resources from that product to a new