The Role of Statistics in Business
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The Role of Statistics in Business
Statistics is involved in all the areas of business. It is mostly used for research, reporting, analyzing business situations, measuring profitability, etc. According to John Rodgers, statistics plays an important role because it provides a basis for the decisions to be made. It becomes the confidential adviser to the creative part of the business economy in marketing and advertising. Statistics is needed in business to closely analyze data and to determine what needs immediate attention or changing if some expectations are not met. In marketing and advertising, statistics is used to gather different information. For example, a company would conduct a survey on how many people are willing to buy their latest product. After conducting the survey, the company can use the data gathered and can conclude whether their target market will patronize their product. The company can project the consumer demand and when the consumers respond positively, the business may need to be producing goods a few months in advance in order to take advantage of future demands.
I believe that it is important to study statistics because it becomes an aid in learning and development. As a student, I would try to understand the lessons that would be discussed because I believe that the subject will be useful and the things I would learn could be applied in the future.