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Statistics play a crucial role in entrepreneurship by enabling business owners to make informed decisions based on data analysis. It helps in understanding market trends, customer preferences, and financial performance, allowing entrepreneurs to identify opportunities and mitigate risks. Additionally, statistical methods can assist in evaluating the effectiveness of marketing strategies and operational efficiencies, leading to optimized resource allocation and improved profitability. Overall, leveraging statistics enhances strategic planning and supports sustainable business growth.
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Importance of statistics in science?
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no
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Discuss the importance of descriptive statistics in business organisations?
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