With the help of few examples point out the role of statistics in management. Discuss briefly bringing out limitations, if any.
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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.
It involves collecting, classifying, summarizing, organizing, analyzing, and interpreting data. The main objective of Business Statistics is to make inferences about certain characteristics of a population in the business domain whether the population is people, objects, or collections of information.
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