answersLogoWhite

0


Best Answer

1) Business:

Statistics play an important role in business. A successful businessman must be very quick and accurate in decision making. He knows that what his customers wants, he should therefore, know what to produce and sell and in what quantities. Statistics helps businessman to plan production according to the taste of the costumers, the quality of the products can also be checked more efficiently by using statistical methods. So all the activities of the businessman based on statistical information. He can make correct decision about the location of business, marketing of the products, financial resources etc

User Avatar

Wiki User

12y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Importance of statistics in different fields?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

What are different fields of statistics?

The two main forms of statistics are qualitative (descriptive) statistics and quantitative (inferential or inductive) statistics.


Importance of statistics in science?

what is the importance of statistics?


Importance of statistics to economics?

importance of statistics for an economist


What are basic uses and importance of statistics?

importance of basic statistics


Importance of statistics in trade and commerce?

importance of statistics in trade


Importance of statistics in the field of welding?

what are the importance of statistics to welding


Importance of statistics in medicine?

Statistics in medicine provide people the information to fully understand the usage of a particular treatment or drug. It also helps in monitoring and improving certain fields in medicine.


What is the importance of statistics in our lives?

appraise the importance of statistics to human activities


What is the importance of statistics in the field of economics?

importance of statistics in field of economics


What is the importance of statistics in Nigeria?

ai want to know the importance of statistics in nigeria


What is importance of statistics in geography?

Statistics play a crucial role in geography by providing tools for data analysis, interpretation, and decision-making. Geographic information systems (GIS) rely heavily on statistical techniques to analyze spatial data and identify patterns and relationships. Statistics help geographers understand trends, make predictions, and draw meaningful conclusions about spatial phenomena such as population distribution, land use, and environmental changes. Overall, statistics in geography help researchers gain insights into complex geographical processes and inform evidence-based decision-making in areas such as urban planning, resource management, and environmental conservation.


What is the importance of statistics of the fields of medicine?

Statistics are a crucial part of the field of medicine. Health statistics provide information about studies which help to track the progress of research and development of new cures and technology. In addition, health statistics give a good glimpse of the overall health of the human race, showing which diseases are prevalent in different locations, as well as how the quality of health varies by location, age, and other factors.