4 Ways How Statistics Is Used in Business Organizations |
Posted: July 21, 2018 |
Statistics is a broad area of applied mathematics that is concerned with the analysis and outlining of collected data into the numerical form. It also deals with prediction and forecasting based on the information. Statistics works on two fundamental ideas- uncertainty & variation. It is used to determine the existing position of per capita income, population growth rates, unemployment, housing, healthcare, and education in a country and the whole world. This scientific field plays an imperative role in business as it helps a businessman carry out his production as per the requirements and preferences of the customers. Statistics also allows him to make wise decisions regarding the location of the business, finances, resources, marketing of the products, and a bunch of other things. Our statistics assignment help professionals shared their opinion on how statistics is deployed in the business organizations, and we boiled it down to four ways. Take a read: Collects Useful Data Statistics helps a business in collecting relevant data that captures quality evidence. Through this information, one can do an analysis and lead to the formulation of credible and convincing answers to the questions that have been asked. Also, it can be evaluated from the collected data whether the actual sales were less or more than the projected sales of the future capital requirement for the fulfillment of a big order. Ensures Quality For the growth and success of a business, it is essential that the goods are produced with limited variations and wastage. Statistics oversees and interpret the data for production and makes it possible for the business to manufacture products efficiently. It also helps increase the productivity of the employees. Thus, statistics has vital importance in saving money and ensuring the excellent quality with optimal utilization of available resources. Reveals Behavior and Preference of Consumers Through a detailed analysis of statistical data, a business can get information about the behavior and preference of its consumers. It can reduce the cost of market research by providing relatively accurate information about the latest market trends. The statistical data also plays a significant part in determining the launch of new products and their development. Creates Assertion in the Decisions Statistics helps in developing a confident and forceful statement of fact while making a crucial choice for the business. And, a decision that is backed by statistical data is extremely reliable. Business managers can make decisions using the empirical data and easily convince their higher associates about the same. They can also participate with other managers of the different departments for decision making on a particular product or services. So, these were a few points that define the use of statistics in a business organization. With the proper skills to implement statistical methods, one can give a boost to the production capacity of the business, enhance employee performance, and limit the wastage of the resources. Apart from playing a pivotal part in business, statistics has application in almost all walks of life. From forecasting weather to predicting future diseases and prognosticating who will be your next government, statistics holds vital importance in our day-to-day life. It also has a substantial significance in almost every field of human activity, including banking & finance, trade, social science, physics, chemistry, economics, mathematics, biology, botany, psychology, and astronomy. Although human behavior and statistical methods are intimately connected, one should not rely on statistical data blindly as it can be inaccurate sometimes. Accurate statistical evidence should be presented in order to support a stated conclusion. Author’s Bio John is an academic writer at Instant Assignment Help who formerly worked as an editor for various leading publications. Writers at Instant Assignment Help provide top quality statistics assignment writing help for students in UK.
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