what is the importance of statistics in trade, commerce and business?
Answers
Heya mate...
Statistics play an important role in business. A successful businessman must be very quick and accurate in decision making. ... Statistics helps businessman to plan production according to the taste of the costumers, the quality of the products can also be checked more efficiently by using statistical methods
HOPE IT HELPS UH ❤️
Importance of statistics in trade, commerce, and business are-
1. Statistical methods and diagrams are implemented in trade for a better analysis of the trade data that covers a lot of important aspects. It leads to an intense study of the demand and supply of various products in various areas of one or multiple countries. Data when organized and structured properly with the usage of visual presentations like bar graphs, pie charts, and histograms, it makes the procedures comparatively effortless.
2. Statistics in commercial activities are used widely to have a better insight into the required data. Financial analyses are executed accurately which helps taking the organization effective decisions.
3. Quantitative methods have a diversified use in the field of business. Statistics help elaborative scanning of the data. It helps to compare the recent performance of the company and also helps in selecting better methods of how the company can achieve more profits. Profits and losses are determined by using statistics. The statistical method helps to accentuate the intricate inspection of data that is required for further improvement.