Importance of statistics in economics of business
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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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Business Statistics involves the application of statistical tools in the area of marketing, production, finance, research and development, manpower planning etc. to extract relevant information for the purpose of decision making.
Business managers use statistical tools and techniques to explore almost all areas or business operations of public and private enterprises. On the basis of the statistical technique used, statistics may be broadly divided into two categories:
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