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Importance of statistics in commerce and business field?
statistics had a great role in the business and commerce field . it also had agreat role in the field of research.
What are the importance of statistics in business organization?
plays vital role in classification and analyses of data
What are the importance of statistics in business?
plays vital role in classification and analyses of data
Importance of statistics to business?
Businesses 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 an advertising strategy based on demographics and geographies, and internal statistical data guides the business on how they should allocate their resources to insure the greatest profit margin.
What is the importance of statistics in business and economics?
Statistics plays a significant part in successful business decisions. Any successful entrepreneur has to be especially sharp and correct when making business decisions. The entrepreneur should have a feeling for the market demand for the company's products and should therefore be able to identify what to produce products or services that will sell. The volume of sales may also be accurately estimated. Statistics will help entrepreneurs to align production according to the market demand. Utilizing business statistics the quality of the products may also be verified in a more scientific manner to save on measuring cost. It should be clear that any business manager or entrepreneur could utilize statistical information to make high quality business decisions. These decisions could be about the location of business, the marketing of the products or services, the application of scarce financial resources or the determination of sales bonuses. In order to illustrate the importance of understanding basic statistical concepts correctly the statistical concept, average, will be used as a basis for the explanation.
