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www.reference.com/world-view/importance-statistics-business-7bb737fb7b8cf1f1

There's an old saying in business: If you can measure it, you can manage it. What's measurable is almost always presented in the form of statistics.

www.reference.com/business-finance/uses-statistics-business-2008f8267ad75639

Internally, companies use statistics to evaluate employee performance and to make financial decisions. Statistics gathered through external research are used to enhance products and services and to build effective promotional campaigns, according to Audra Bianca for the Houston Chronicle.

www.reference.com/world-view/importance-statistics-education-f8956668ca721057

The field of education has a number of challenges in terms of policy planning, and statistics are particularly important as they often provide some of the only objective information that administrators use when making organizational and curricular decisions. Without this hard data in place, often no

www.reference.com/article/statistics-important-a390336c9b1686a8

Experts use statistics to understand large and complex sets of data. Statistics are also helpful with surveys, which legislators use to affect policy. Knowing how statistics work is important for fully understanding news reports.

www.reference.com/world-view/two-major-types-statistics-9ec2cdd1a3aadeb4

In the world of statistics, there are two categories you should know. Descriptive statistics and inferential statistics are both important. Each one serves a purpose.

www.reference.com/world-view/importance-statistics-economics-c4bb5f1c24b6b9cb

The importance of statistics in economics starts with economics research methods. These are used to collect and analyze data for factors, such as per capita income and inflation rate.

www.reference.com/world-view/importance-statistics-medicine-8ec7cd4fd651addc

Health statistics provide a clear indicator as to the well-being of a population, individual or country, according to the U.S. National Library of Medicine. Statistics in medicine help assess patients and provide insight into subgroups within a population.

www.reference.com/world-view/importance-statistics-psychology-32822522a50e3d14

Statistics help psychologists know to what extent certain psychological problems are common. They are also needed for psychological research. Statistics are prevalent in psychological literature, and all psychologists need to know how to interpret the analyses they read.

www.reference.com/world-view/importance-statistical-quality-control-cf3768f5eee37283

Statistical quality control is important because it uses statistical methods to monitor the quality of a product. This type of auditing maximizes manufacturing productivity and minimizes errors associated with human judgement.

www.reference.com/article/statistics-important-everyday-life-1745eedc14d31313

Statistics help people make informed decisions all the time. For example, statistical evidence of the dangers of smoking causes people to quit, saving lives. Statistics are important in many fields that impact modern daily life, such as product safety within manufacturing and reliability engineering