As a manager how can you relate the use of different statistical tools to solve

problems related to business?

One of the traits of a manager is their ability to make decisions in any situation. As
the business operates on a daily basis, the manager must make certain decisions
to keep the firm running, but for a long-term strategy for the company's
development, the management must ensure that he is making the proper
decisions, which he cannot do without data. As a result, the corporation must set
aside funds for marketing research in order to gather data and timely information
that will aid in decision-making.

Managers can use statistical tools to get the knowledge they need to make
educated decisions in uncertain situations. Managers use statistical research in
the workplace to determine how to continue in areas such as auditing, financial
analysis, and marketing research. Managers can use statistical tools in business to
examine historical performance, anticipate future business practices, and
effectively lead enterprises. Markets can be described using statistics, which can
also be used to inform advertising, establish prices, and respond to changes in
consumer demand.

For instance, because the competition is fierce, I need to come up with a strategy
to help me and my company thrive. Either I will introduce a new product or service
to the market or I will create something new. But first, I need to write a business
plan or do marketing research to support my business idea, and these written
documents cannot be accomplished without the use of statistical tools and data,
particularly when determining projected financial accounts. Another example is
when I wish to use the SWOT analysis to determine the odds of my product or
service surviving in the market. Every product or service has its own set of strengths,
weaknesses, opportunities, and threats. As a result, in order to survive the
competition, planning should include the improvement of the product/or service,
and there is a better way to evaluate the product than using the traditional SWOT
analysis, which is to use statistical tools to obtain accurate and true data to be
used in decision making.
Those who conduct statistical research in the workplace or in a business
organization should understand how statistics are calculated, particularly how the
mean, median, and mode work together to give meaning to a group of numbers.
The mean is the average of a group of numbers, the median is the number in the
middle of the group, and the mode is the most common number in the group.
Successful managers understand how these ideas interact together to provide a
complete picture of a company's health. According to Six Sigma Online, when
managers employ statistical research in business, they should be prepared to
explain the findings to other stakeholders and vouch for their authenticity. It's
critical to understand the data's origins and to ask questions like, "What does this
research represent, and why was it generated?" Was the person who compiled
this data capable and objective?. Since business plan is like a selling document
in order to impressed an investor and invite them to funds your propose business
opportunity you have to present a plan that is honest to goodness and how can
you vouch for accuracy of your proposals if it does not have ana data collection
that will support the result.
There are many factors or conditions in the environment, which can affect the
business that you are planning to set up. There are factors which have positive
effect in your business and you may consider them as opportunities. On the other
hand, you may take note of conditions as threats. And having those statistical
tools will greatly help the manager in different aspects.