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The important limitations of statistics are:
(1) Statistics laws are true on average. Statistics are aggregates of facts. So single observation is not a statistics, it deals with groups and aggregates only.
(2) Statistical methods are best applicable on quantitative data.
(3) Statistical cannot be applied to heterogeneous data.
(4) It sufficient care is not exercised in collecting, analyzing and interpretation the data, statistical results might be misleading.
(5) Only a person who has an expert knowledge of statistics can handle statistical data efficiently.
(6) Some errors are possible in statistical decisions. Particularly the inferential statistics involves certain errors. We do not know whether an error has been committed or not.
Mathematics is a universal language. Yes!! It's a language whereas students consider it as a big problem itself. We would be lost to any point in history or right after evolution if it was't for the subject of numbers. Let us try to understand that mathematics s not a problem but an answer to all those who want to make money or look at their situation financially. Businesses are defined by what they profit from their operations.
Interestingly, mathematics makes itself a symbiotic subject to finance, business, economics and even for militaryaccreditations. Economics with mathematics is the answer for many economists who will make assumptions on the theory they would like top present on the workings of the economy but ill realize their ambitions be met when they use numbers to explain their relative thoughts.
Businesses understand their motions in the market with the help of maths under conditions what they need to achieve to be the masters or what they need to remain in the business at all. Developing understanding that we are all connected to the mathematics will help us look beyond the horizons of the stars.
Math is important and relavent in economic analysis, these are just two components of economic analysis and not the only way to view an economic model, as most economic analysis can be done with graphs.
Mathematics is an important subject and knowledge of it enhances a person's reasoning, problem-solving skills, and in general, the ability to think. Hence it is important for understanding almost every subject whether science and technology, medicine, the economy, or business and finance. Mathematical tools such as the theory of chaos are used to mapping market trends and forecasting of the same. Statistics and probability which are branches of Mathematics are used in everyday business and economics. Mathematics also form an important part of accounting, and many accountancy companies prefer graduates with joint degrees with mathematics rather than just an accountancy qualification. Financial Mathematics and Business Mathematics form two important branches of mathematics in today's world and these are direct application of mathematics to business and economics. Examples of applied maths such as probability theory and management science, such as queuing theory, time-series analysis, linear programming all are vital maths for business.
by ODOEMEAM JOSEPH CHIMEZIE
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Economist use statistics to understand buying patterns in consumers. Statistics allow them to gain more insight about buyer's demands in the market.
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Specific application of statistics in Economics?
specifis application of statistics to economics or business
How does economics relate to business?
A basic understanding of Economics plays a fundamental role in achieving success in Business.
What is the importance of statistics in the field of economics?
importance of statistics in field of economics
What is the role of managerial economics?
Managerial economics is a branch of economics this used in conjunction with business economics. It deals with microeconomics with a focus on helping a business determine strategy and make decisions about operations, pricing, production, and risk investments.
Importance of statistics to economics?
importance of statistics for an economist
Specific application of statistics in Economics?
specifis application of statistics to economics or business
What has the author Paul Newbold written?
Paul Newbold has written: 'Forecasting in Business and Economics, Second Edition (Economic Theory, Econometrics, and Mathematical Economics)' 'Statistics for business and economics' -- subject(s): Statistical methods, Economics, Statistics, Commercial statistics 'On the incremental benefits of using consolidated accounting data to predict conglomerate earnings' 'Statistics for Business& Economics & Stu CD' 'Introductory business forecasting' -- subject(s): Statistical methods, Business forecasting
What has the author David Ray Anderson written?
David Ray Anderson has written: 'An introduction to management science' -- subject(s): Linear programming, Management, Management science, Mathematical models, Operations research 'Modern business statistics with Microsoft Excel' -- subject(s): Commercial statistics, Microsoft Excel (Computer file) 'Statistics for business and economics' -- subject(s): Statistical methods, Methodology, Economics, Statistics, Commercial statistics 'Modern business statistics with Microsoft Office Excel' -- subject(s): Commercial statistics, Microsoft Excel (Computer file) 'Essentials of statistics for business and economics' -- subject(s): Statistical methods, Problems, exercises, Statistics, Economics, Social sciences, Commercial statistics 'Essentials of statistics for business and economics' 'Essentials of modern business statistics with Microsoft Excel' -- subject(s): Commercial statistics, Computer programs, Microsoft Excel (Computer file) 'Instructor's manual with solutions to accompany Quantitative methods for business' 'Statistics for business and economics' 'Quantitative methods for business' -- subject(s): Textbooks, Management science
What has the author Frederick Cecil Mills written?
Frederick Cecil Mills has written: 'Statistical methods applied to economics and business' -- subject(s): Statistics, Economics, Business 'A manual of problems and tables in statistics' -- subject(s): Accessible book, Lending library, Statistics 'Statistical methods ..' -- subject(s): Statistics, Economics, Business 'Contemporary theories of unemployment and of unemployment relief' -- subject(s): Unemployed, Public welfare, Unemployment 'Introduction to statistics' -- subject(s): Statistics
How does economics relate to business?
A basic understanding of Economics plays a fundamental role in achieving success in Business.
What has the author Michael Barrow written?
Michael Barrow has written: 'Statistics for economics, accounting and business studies' -- subject(s): Commercial statistics, Economics, Statistical methods
Importance of statistics in commerce and business field?
statistics had a great role in the business and commerce field . it also had agreat role in the field of research.
What has the author William E Becker written?
William E. Becker has written: 'Statistics for business and economics' -- subject(s): Commercial statistics, Economics, Microsoft Excel (Computer file), Statistical methods, Statistics
What has the author Kosaku Yoshida written?
Kosaku Yoshida has written: 'TITLE NOT SUPPLIED' 'Elementary statistics for business and economics' -- subject(s): Commercial statistics, Economics, Statistical methods
Importance of statistics in business and economics?
Statistics is very important in business and Economics because it helps businesses make informed and accurate decision based on certain trends. It helps the planning and production process.
What is the role of mathematics in business management?
role of mathematics and statistics in business decision making
Role of statistics in business management and administration?
Yes
