Importance of Statistics in Business?


The importance of statistics to business is best seen during planning. Statistics makes sense of the mountains of data gathered by the business during its normal operation. These data, when properly interpreted, are vital tools in reviewing the performance and predicting the future of a business.
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usinesses rely heavily on statistics to determine consumer trends and calculate important economic data. The data that is collected and the information derived from that data is useful
Statistical analysis is important because if we relied on guesswork things would backfire and could lead to circumstances that we did not want, like losing our business. Statistical
For me the most important financial statistic for a small business are those that are critical for its continued survival and sustainability. Survival involves the ability of the
1. Purchase a graphing calculator. Your instructor may recommend a particular brand. The TI-83, HP48G or Casio FX2 all contain statistics components. A graphing calculator is an invaluable
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