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USES OF STATISTICS IN BUSINESS
Statistics is utilized by managers in analyzing and interpreting data. The results are used in coming up with business decisions. The basic categories of statistical analyses and their uses are indicated below:
1. Descriptive Statistics
These types of statistics are normally used in describing the sample data. It may indicate the characteristics of a typical buyer, through the use of descriptive statistics such as mean, median, mode, variance, and standard deviation. As applied to a buyer, the mean may show average age, income, purchasing power, number of years in a particular company, and others. In knowing the characteristics of a typical buyer, the manager may make the necessary adjustments in its business decisions such as pricing, product features, promotion, among others.
2. Inferential analysis
An example of this analysis is hypothesis testing. As applied in business, findings such as there is a significant relationship between market share and ...
The expert describes the uses of statistics and quality control in businesses.