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What is the importance of statistics in business and economics?
Wiki User
∙ 10y ago
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.
Wiki User
∙ 10y ago
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Discuss the importance of descriptive statistics in business organisations?
Discuss the importance of descriptive statistics
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statistics had a great role in the business and commerce field . it also had agreat role in the field of research.
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specifis application of statistics to economics or business
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Discuss the importance of descriptive statistics in business organisations?
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What has the author Frederick Cecil Mills written?
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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?
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