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.