Question

Statistics provides the individual firm with measures of appropriate functional relationship used in __________

Decision making
Policy making
Strategic planning process
All these above

Answer 1

Answer:

Statistics provides an individual firm with several measures of appropriate functional relationship which are used in decision making.

It is deemed to be a very useful science for business execu­tives because business usually runs on probabilities and estimates.

Forecasting is done using trend projections. Also, multiple regression is used. Other statistical methods include mean, mode, median, and various measures of dispersion, regression, correlation, etc.

Answer 2

Statistics provides the individual firm with measures of appropriate functional relationship used in decision making.

Explanation:

• Statistics help the firms in making smart decisions with accurate information that they use as a reference for their statistical analysis.  

• The data and information are used in the process of decision making and for the methods of forecasting for the future.  

• It helps the management to analyse and evaluate the past performances and thereby be able to predict the business for the future.  

• They make use of various statistical techniques using the historical data from the analysis.

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