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The Basic Concept of Business Statistics
Business Statistics is the application of the data analysis tools, statistical tools, and techniques to the business. It is used to obtain managerial decisions as well as decisions for the problem and financial condition of the business.
Statistics: Statistics is the simple study of the numerical facts and figures which are obtained from any business organization for measurements. Statistics are used to convert the different data gathered from the organization, to use facts and relevant documents and then conducted to the users.
Business Statistics is a part of statistics that involved the application of statistics into management, research, and development, areas of expertise for the business management, an operation of the public as well as private relationships of the business and etc.
Types of Business Statistics
Business Statistics based on its technique and management can be broadly divided into two categories:
- Descriptive Statistics
Descriptive Statistics is the use of graphs, charts, and tools of statistics for generalized decisions or to describe any particular happening in the business. It can also be divided into frequency management, measurement of central tendency, dispersion, and variation or the position of the business organization.
- Inferential Statistics
All the data and facts made through the descriptive statistics can be or cannot be true. Inferential Statistics is used to make the validation from the descriptive statistics. It involved estimation of the figures which are earlier used and then testing the validation and the objectives from them.
What is the scope of Business Statistics in different spheres?
Business Statistics is an important part of any management and it is used to manage the business relations as well as the facts and figures surrounding the business.
- In Organizations
It provides the relevant users of the business management with useful documents and various tender prices, quotations and also styles the different trends for the customers.
- In Mathematics
It helps to study the different fields of trends surrounding the measurement and theories of mathematical information.
- In Economics
Since Statistics is an integral part of economic management, it provides the experts with inflation rates, per capita income, distribution costs and overhead charges of workers and factories, supply and demand extension, etc.
- In Accounts
It helps in the dealing of financial files which relates to various projections of business.
- To the Government
Business Statistics is an important tool for the Government to determine the analysis of the trend and financial sources of the public as well as the Governmental officials.
What is the importance of Business Statistics?
Business Statistics is a huge sphere around which the financial, as well as the managerial decisions, revolve. The importance of Business Statistics can be stated as the following.
- Performance of the Management is loosely based on the functioning of the statistical information into a business. With the help of the given data, the manager can function efficiently and analyze the movement of the products produced by the units of management. The manager syncs the data to improve the efficiency of the dealings as well as the workforce of the employees.
- The management gets a subtle hint of the uncertain forces surrounding the business. The managers can easily look out for high rates of price inflation in the market, general economic depression and fluctuations of rates.
- It helps the managers as well as the sources of the business to plan the business relationship as well as the easy management of officials. The managers can obtain for sound predictions and assumptions based on the figures produced through statistical management.
- Business Statistics is also used to validate the theories and concepts of the management. Statistical data produced through analysis and survey of reports and documents are almost accurate and unforeseen nature of economic conditions can be resisted.
- The most important factor which surrounds any firm is the research and development of the said firm. The samples are produced through statistical management and then observed withthe testing and analysis of any product which is new to the market.
- Business Statistics help in the development of any firm or organization. Since it is the study of the fields dealing with the different sources of financial information as well as economic information, it helps the organization seeking for its support to developing based on the market survey and reports produced.
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