What Is The Importance Of Statistics In Management?


Answer:
Statistics is considered an important field of study and its importance contained by management can never be ignored. Statistics models are used in making significant decision of the company. All forms of data available to the company can be organized by using the statistical tools and statistical formulas can be used to analyze and interpret the data. Once the conclusions are drawn by using the statistical techniques, the control can make important decisions. Decisions related to trial product launch, business extension, product diversification, and investment decisions are usually made based on statistical methods. Some of the common statistical methods include probability distribution, regression analysis, and graphical analysis etc.

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