Discuss the importance of statistics in business and commerce
Answers
Answer:
Decision Making
Statistical analysis allows businesses to measure the performance of a business and identify trends. This allows managers to make sound judgments, knowing their decisions are based on data and not on assumptions. Statistics helps businesses to plan better and make predictions about the road ahead.
Explanation:
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Answer:
Statistics can provide market descriptions, advertising notifications, pricing, and response to changing consumer demand.
Explanation:
Business Statistics which helps businesses deal with uncertainty by predicting seasonal, periodic, and general economic fluctuations. Helps us to make informed decisions by providing accurate quotes for costs, demand, prices, sales, and more.
Economics statistics allow managers to analyze past performance, predict future business practices, and operate their organizations effectively. Statistics can provide market descriptions, advertising notifications, pricing, and response to changing consumer demand.
For example, estimate the possibility of defects caused by factory lines or check future sales.
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