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What is the application statistics in business?
Statistics help managers make decisions. They use statistics when it comes to production and hiring employees. Statistics are everywhere in the business world.
How is statistics applied in management?
Statistics has huge application in business and these are used to help in taking managerial decisions by the managers. Moreover, there are many statistical formulas which make too much convenience in taking managerial decisions. They are also helpful in calculating GDP of a business or state.
How can Mathematics Statistics help people in real life?
Mathematics Statistics help people in real life for example, in helping make decisions on medical issues or for another example, activities where the weather may be a factor.
How does the statistical process help make informed decisions?
Because statistics tell us what the presents trends are now or were that can be projected into future.
What are importance of statistics?
Statistics is a very effective tool, in which you look at past data from surveys or census', or simply recorded data over a period of time. It is important because using stats you can view past data to help make business decisions, or decisions within any workplace. You can do a statistical test to find out if a new idea or business decision should be considered or rejected. They say "history repeats itself", well by analysing historical data you can find out where past mistakes were made and how to avoid repeating them.
