Question

Explain the uses of statistics in the field of business and management

Answer 1

Business statistics is a specialty area of statistics which are applied in the business setting. It can be used for quality assurance, financial analysis, production and operations, and many other business areas. Just as in general statistics, there are two categories: descriptive and inferential. Descriptive statistics are used to describe the total group of numbers. Inferential statistics infers relationships from the population of numbers.