statistical methods are the kind of tools to extract knowledge from data and provide managers with more confidence in dealing with uncertainty in spite of the flood of available data.
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Important of business mathematics Business math helps improve statistical formula. It formulates term of currency exchange between a country. Business math creates awareness.
What is the impact factor of Journal of modern Applied Statistical Methods
Name and describe three methods of scientific statistical samplingRead more: Answers.com
Unfortunately,there is no importance ot statistical quality control in weight variation test of capsule.
The importance of probability and statistics can be found in many business aspects. For example, a loan officer at a bank is going to need to analyze statistical data to determine the feasibility of a loan on a house in a given area. Scientists use probability and statistical data when performing experiments. It is also used in astronomy to calculate where a given star will be at a given time based on past statistical data.