Use of Statistics in Business

Abstract

The importance of statistics in the modern business is undeniable since it offers scientific techniques of collecting, analyzing, interpreting and making decisions based on the results of the study. Modern business operates in a very competitive world where it is necessary to have precise information in order to plan, forecast and analyze performance. Statistics helps organizations to detect market trends, gauge the degree of customers' satisfaction, control production process and reduce risks. Statistics is helpful for financial analysis, quality control and planning. Using such statistics techniques as averages, correlation, regression and probability, one can turn data into information.