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What are the importance of statistics to a businessman?

Anonymous

∙ 12y ago

Updated: 11/4/2022

1.It helps in market research.

2.It helps to take stock control.

Wiki User

∙ 12y ago

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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

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