Managers use statistics to assess risks. When a project has a high probability of being unsuccessful, managers will avoid the project.
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Statistics help managers make decisions. They use statistics when it comes to production and hiring employees. Statistics are everywhere in the business world.
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to carry out research using quantitative methodology. To interpret relevant business statistics models. Use statistical data to make economic decitions.
Varied applications. A few are: 1. Which group of customers are more valuable (profitable) to the business 2. How vary the business results are from the average 4. Predict the business future using statistics based on the assumptions
in business, what is an excellent example of usiness statistical data?