What is the Importance of
Statistics in business can be compared to a third eye through which any business can see into the future. It is also the navigation compass that keeps a company on the right track in order to avoid a shipwreck.
1. For any business to be successful, services must be rendered consistently. There are always business ethics, laws, and even operating procedures.
2. Statistical analysis enables a company to assess its own performance and identify trends.
3. With the proper skill to implement statistical methods, the use of statistics in business and management is limitless.
4. Every business deals with data from sales, advertising, marketing, and other forms of activity related to the business's running and operation.
5. Obtaining statistical data, including activities from the company, business, is the best method to use when researching a business or its history.
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