economics without statistics is like a ship without rudder and compass. Justify the statement
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Statistics plays an important role in planing. Without gathering the information regarding your particular plan if you dont have any information that could result in the failure of your plan henc a big loss. So begore making a plan its an important part to collect the statistics regarding or related to your target audiance in order to better understand your audiance so that a company is able to deliver what their customers wants and needs.
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