What is the importance of statistics in business and commerces?
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Importance of business statistics
Explanation:
Statistical research in business enables managers to analyze past performance, predict future business practices and lead organizations effectively. Statistics can describe markets, inform advertising, set prices and respond to changes in consumer demand.
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Statistical analysis allow businesses to measure the performance of a business and identify trends. This allows managers to make sound judgement, knowing their decision are based on data and not on assumptions. statistics helps businesses to plan better and make predictions about the road ahead.
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