What is the importance of statistics in business?


Quick Answer

Statistics are an important tool for running a business. Managers are required to make decisions based on data collected over time. This data is worthless unless it is analyzed and interpreted; statistics allows business managers to analyze the data and arrive at meaningful conclusions.

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What is the importance of statistics in business?
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Full Answer

Statistical analysis allows businesses to deal with the uncertainties of the business. It allows managers to make sound judgments, knowing their decisions are based on data and not on assumptions. Statistics helps businesses to plan better and make predictions about the road ahead. Marketing is an important part of any business and statistics helps to market products and services effectively. Statistics also allow a business to keep an eye on the competition.

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