0
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.
Add your answer:
Earn +20 pts
Discuss the importance of descriptive statistics in business organisations?
Discuss the importance of descriptive statistics
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 basic uses and importance of statistics?
importance of basic statistics
Importance of statistics in trade and commerce?
importance of statistics in trade
What is the importance of statistics in the field of economics?
importance of statistics in field of economics
Importance of statistics to economics?
importance of statistics for an economist
What is the importance of statistics in the field of business economics?
This is about as stupid a question as asking "What is the importance of electricity to a light bulb". Or "What is the importance of numbers and markings on a ruler?"
Specific application of statistics in Economics?
specifis application of statistics to economics or business
Importance of statistics in business and economics?
Statistics is very important in business and Economics because it helps businesses make informed and accurate decision based on certain trends. It helps the planning and production process.
What has the author Paul Newbold written?
Paul Newbold has written: 'Forecasting in Business and Economics, Second Edition (Economic Theory, Econometrics, and Mathematical Economics)' 'Statistics for business and economics' -- subject(s): Statistical methods, Economics, Statistics, Commercial statistics 'On the incremental benefits of using consolidated accounting data to predict conglomerate earnings' 'Statistics for Business& Economics & Stu CD' 'Introductory business forecasting' -- subject(s): Statistical methods, Business forecasting
Discuss the importance of descriptive statistics in business organisations?
Discuss the importance of descriptive statistics
What has the author David Ray Anderson written?
David Ray Anderson has written: 'An introduction to management science' -- subject(s): Linear programming, Management, Management science, Mathematical models, Operations research 'Modern business statistics with Microsoft Excel' -- subject(s): Commercial statistics, Microsoft Excel (Computer file) 'Statistics for business and economics' -- subject(s): Statistical methods, Methodology, Economics, Statistics, Commercial statistics 'Modern business statistics with Microsoft Office Excel' -- subject(s): Commercial statistics, Microsoft Excel (Computer file) 'Essentials of statistics for business and economics' -- subject(s): Statistical methods, Problems, exercises, Statistics, Economics, Social sciences, Commercial statistics 'Essentials of statistics for business and economics' 'Essentials of modern business statistics with Microsoft Excel' -- subject(s): Commercial statistics, Computer programs, Microsoft Excel (Computer file) 'Instructor's manual with solutions to accompany Quantitative methods for business' 'Statistics for business and economics' 'Quantitative methods for business' -- subject(s): Textbooks, Management science
What has the author Frederick Cecil Mills written?
Frederick Cecil Mills has written: 'Statistical methods applied to economics and business' -- subject(s): Statistics, Economics, Business 'A manual of problems and tables in statistics' -- subject(s): Accessible book, Lending library, Statistics 'Statistical methods ..' -- subject(s): Statistics, Economics, Business 'Contemporary theories of unemployment and of unemployment relief' -- subject(s): Unemployed, Public welfare, Unemployment 'Introduction to statistics' -- subject(s): Statistics
What has the author Michael Barrow written?
Michael Barrow has written: 'Statistics for economics, accounting and business studies' -- subject(s): Commercial statistics, Economics, Statistical methods
What has the author William E Becker written?
William E. Becker has written: 'Statistics for business and economics' -- subject(s): Commercial statistics, Economics, Microsoft Excel (Computer file), Statistical methods, Statistics
What has the author Kosaku Yoshida written?
Kosaku Yoshida has written: 'TITLE NOT SUPPLIED' 'Elementary statistics for business and economics' -- subject(s): Commercial statistics, Economics, Statistical methods
