What Is The Importance Of Statistics In Management?

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What Is The Importance Of Statistics In Management?

2 Answers

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Answer 1

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.

Answer 2

Statistics assists in summarizing the larger sets of data, in a form that is easily understandable.
Statistics assists in the efficient design of laboratory and field experiments, as well as surveys.
It is very important in any field of inquiry.
Statistics assists in drawing general conclusions, and in making predictions of how much of a thing will happen under given conditions.
Statistics techniques, being powerful tools for analyzing numerical data, are used in almost every branch of management.

Therefore, a businessman employs many statistical methods in their management.