What is the importance of studying Business Statistics?

In today’s highly technologically advanced world where you can almost do any business
transactions or tasks on the internet, it is now possible to gather any detailed information about the
business trends, customer’s wants and feedback, and even employee productivity. Moreover, learning
business statistics can help companies or business owners do forecasting and planning that will help
them make reliable decisions by gathering these data based on statistical models for prediction. Lastly,
business statistics can help visualize and summarize those data collected that is beneficial in bettering
business processes and reach conclusions about a particular group.

4 IMPORTANT USES OF BUSINESS STATISTICS

To visualize and summarize your data (an

example of using descriptive methods)

To reach conclusions about a large group

based on data collected from a small group

(an example of using inferential methods)

To make reliable forecasts that are based on

statistical models for prediction (inferential

methods)

To improve business processes using

managerial approaches such as Six Sigma that

focus

on quality improvement