explain with example, the utility of the statics in business?
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Business Statistics refers to the application of statistical tools and techniques to business and managerial problems for the purpose of decision making. What is Statistics ? Statistics is simply the study of numerical data, facts, figures and measurements. ... According to Bowley, “Statistics is a science of Averages”.29-Sep-2016
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Business Statistics helps a business to: Deal with uncertainties by forecasting seasonal, cyclic and general economic fluctuations. Helps in Sound Decision making by providing accurate estimates about costs, demand, prices, sales etc. Helps in business planning on the basis of sound predictions and assumptions
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