Statistics is considered an important field of study, and its importance in management can never be ignored.

Statistics models are used by the company in making significant decisions. All forms of data available to the company can be organized by using statistical tools - and statistical formulas can be used to analyze and interpret the data.

Once the conclusions are drawn by using the statistical techniques, the management can then make important decisions, and decisions related to new product launches, business extension, product diversification, and investments are usually made based on statistical methods.

Some of the common statistical methods include probability distribution, regression analysis, and graphical analysis etc.

Statistics models are used by the company in making significant decisions. All forms of data available to the company can be organized by using statistical tools - and statistical formulas can be used to analyze and interpret the data.

Once the conclusions are drawn by using the statistical techniques, the management can then make important decisions, and decisions related to new product launches, business extension, product diversification, and investments are usually made based on statistical methods.

Some of the common statistical methods include probability distribution, regression analysis, and graphical analysis etc.