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Subjects>Math>Math & Arithmetic

What is the importance of statistics to business?

Updated: 10/23/2022

Wiki User

∙ 12y ago

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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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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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