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statistics refers to the collection, analysis, presentation, and interpretation of the numerical data. In reference to business industry, business statistics is a science of good decision making in case of uncertainty in areas such as marketing research, auditing etc.
Importance of statistics:
It helps managers to in evaluating alternative scenarios by comparing the scenarios and choosing the best option for the firm.
It helps managers in forming policies like a production schedule, based on the relevant sales figures. It is used in forecasting future demands.
Managers can use statistics to determine the sales levels the company has achieved on certain products and identify which products need more investment.
Makes it easy for managers to understand complex and large data when it is in the form of tables, graphs, diagrams or by condensing the data with the help of means and dispersion.
It is used in research and development – A firm also uses statistics in market research and development using various surveys to identify if there is market for a proposed product.
It helps managers to monitor employee’s performance, for example. the number of tasks completed or the number of units produced hence find ways of improvement.
Kchris answered the question on April 11, 2019 at 13:58
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