fgGamueda, Jovani A.

Fundamentals of Business Analytics

20191157138 BMM-2E

ASSIGNMENT #1

1. Why statistics is very important in Business Analytics'?

- Professionals can use statistics to better analyze markets, decide how to advertise, set
prices, and react to changes in consumer demand. The foundation of statistical analysis
is the use of various analytics to find patterns in data.

2. What is the advantages of using scientific approach.?

- It offers a systematic, objective method for carrying out experiments, which enhances
the outcomes. Scientists can be confident that they will adhere to the facts and limit the
effect of individual, preconceived conceptions by utilizing a consistent strategy in their
studies.

3. What is the significance/importance of statistics in;

Business-Professionals can use statistics to better analyze markets, decide how to
advertise, set prices, and react to changes in consumer demand. The foundation of
statistical analysis is the use of various analytics to find patterns in data.

Engineering- Robustness analysis, measurement system error analysis, test data

analysis, probabilistic risk assessment, and many other engineering disciplines depend
heavily on statistics.

Education-Educators can use descriptive statistics to understand student performance

using statistics. By using data visualization, statistics enables teachers to identify trends
in students' academic achievement. Reason number three: By utilizing hypothesis
testing, statistics enables educators to compare various instructional strategies.

Political- In order to support democracy and effective governance, statistics is essential.

The accountability and transparency of policymaking are improved by sound statistics.
Good government requires both accountability and transparency. Additionally essential
to reducing poverty and fostering economic growth are statistics.
Sports- Sports analysis is used by the sports industry to boost profits, better individual
and team performance, reduce injuries, and for many other improvements. Even while
all of this data is an excellent resource, it is useless without someone to assess and
consider its potential applications.
Accounting- Statistics are used by accountants to forecast book value, cash flow,
earnings, and consumption. Forecasting, which is regarded as accounting for the future,
entails some future speculation, and when people speculate, they usually make
mistakes. Accountants are better able to more effectively estimate the future when they
have a full understanding of the distribution and metrics for assessing probable
inaccuracies.

Government- Statistics are a crucial instrument for researching and comprehending a

nation's economic issues. Statistics aid in the analysis of economic issues including
production, consumption, price, income distribution, population, unemployment, and
poverty by bringing a quantitative component to qualitative claims.