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What is Business Statistics?
Business Statistics is the application of a science which includes good decision making through application of statistical tools and techniques which prevents uncertainty in business and also prevents managerial problems. It helps in decision making because it can be used in any field in a business like in finance, economics, audit, production, marketing& operations. In a nutshell Business Statistics is a study of facts, figures & numerical data.
Business Statistics can be used in all areas of business to explore more opportunities in both public & private sector enterprises.
Importance of Business Statistics
Decision making – It helps in important decision making in a business by providing useful information relating price trends,customer taste &variations, cost to customer trends etc.
Accuracy – Statistics is a study of facts and figures. Therefore business statistics is like a mathematics which provides accuracy in theories applied in a business.
Forecasting – As mentioned above business statistics helps in projecting trends thereby helps to create projections for next year.
Research – Through different facts & figures it helps in research and development in a business.
Helps the Government – It helps the government to frame budgets, minimum wages etc.
Why a business does needs statistics?
A business needs statistics for effective decision making & forecasting..A successful l businessman do planning to make certain quick & fluent decision in certain period of hypotheses..Here he needs business statistics to understand certain facts & raw data…It helps in quality assurance & financial analysis…
Two Branches of Business Statistics
There are two branches of statistics
Descriptive statistics-This is the first step in business statistical analysis…It mainly focuses on collection & presentation of data which includes various forms, graphs, tables etc…
Inferential statistics – This focuses mainly on the techniques used for analysis of data,testing the reliability of the estimates made from limited information.
Advantages of Business Statistics
The role of statistics in business is in evaluating the data’s collected in the course of business to determine the ultimate result obtained about the company’s operations and strategy…many companies collect various data to keep an eye on the performance of the employees which helps the manager to assess the outputs of the employee and also helps to improve the productivity of the employees…Therefore the advantages of business statistics can be summarize as below-
Comparing alternative scenarios – Statistics helps the managers to evaluate alternative scenarios and choose the appropriate one. This helps the managers not only to improve performance of his own team but also create an impact on other teams through joint discussions.
Importance of data collection – The importance of data collection depends on the efficiency of the manager…If he uses a proper logical approach while collecting and summarizing data then only it is effective…
Research and Development – A manager has to conduct different surveys to use statistics in market research and product development…It helps in grabbing the market better by improving the quality of the product and determine the break even analysis.
Case studies of Business Statistics
Statistics are very important in business…Case studies helps students a detailed approach to appreciate statistics…They are particularly helpful in Introduction to Statistics course in MBA…Cases includes sample data that students use to improve their ability to summarize those data’s and frame reports.
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