Why we need to study business statistics?

Statistics … the most important science in the whole world: for upon it depends the practical application of every other science and of every art; the one science essential to all political and social administration, all education, all organisation based upon experience, for it only gives the results of our experience. -Florence Nightingale.

statistics

Learning Statistics can help a businessman do forecasting for planning and helps them to make a decision on a certain hypotheses created. In Statistics, we will extract meaningful information from piles of raw data and make an inference about nature of a population based on observations of a sample taken from that population. In a simple Statistics we are doing estimation on the population based on the sample taken. A bigger sample size will have a low variation and will make a better understanding about the population. Statistics can helps use do a prediction on the rates of occurrence of random events; which we called this as probability occurrence on the distribution. The aim of learning Statistics is to understand and be able to interpret statistical calculations performed by others. Uses of statistics in Business are everywhere; such as Market Research, Quality Control, Product Planning, Forecasting, Yearly reports, Personnel Management and etc. Eventually, we are looking at Statistics everyday, as simple as train and buses schedules and routes, football results, debt analysis, houses pricing, survey of games played by gender and age, birth and death, time series of population of people, students results and many more.  The objectives of learning Statistics in Business is to understands raw data and types of data that’s needed in certain study.

Diyana Abdul Mahad
Ex-Lecturer
School of Business and Law
TMC Academy


 

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