what is business statistics
What Is Business Statistics? Business statistics is a method of using statistics to gain valuable information from the data available to a company. Various techniques and principles of statistics are applied to gain insights that help to make better decisions. It is a method of using numerical data that they collect from various sources. The information can come from surveys, experiments or other information systems in the company. It helps organisations understand the reasons for various events in the present and predict the future. It can be used in marketing, production planning , human resource planning, finance, etc. Why Is Business Statistics Important? Companies benefit from seeing patterns in their activity. It can be done with business statistics . Looking at past sales patterns, an organisation can predict sales volumes in various situations. Using this technique, one can determine if the company’s business proposition is viable. It is something ...