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What is the importance of statistics to business?

Anonymous

∙ 12y ago

Updated: 10/23/2022

usinesses rely heavily on statistics to determine consumer trends and calculate important economic data. The data that is collected and the information derived from that data is useful in planning...

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∙ 12y ago

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Write short note on the Importance of statistics to modern day business?

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no

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Statistics compile information that can be seen on paper. In economic planning, this can help a business decide if there is enough population to support a decision or if a targeted area is worth expanding.

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Write short note on the Importance of statistics to modern day business?

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Statistics help managers understand trends that affect their business. With statistics, managers can justify making changes to policies and strategies.

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