Question

Explain the need of statistics in business and economy

Answer 1

Answer:

Statistics is a data interpretation tool used for collecting, classifying and analyzing data. ... Broadly speaking,statistics helps in : analysing variouseconomic problems such as inflation, unemployment etc by looking at numbers, trends over the years.

Statistical analysis allows businesses to measure the performance of a businessand identify trends. This allows managers to make sound judgments, knowing their decisions are based on data and not on assumptions. Statistics helps businessesto plan better and make predictions about the road ahead.

Explanation:

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