application of statistics in business and economics

Expert Solution

Today, we all are aware that it's an information age and it's been said that data is the new oil. In today's business ecosystem 'who has the most data will win'.

According to Chao, 'Statistics is a method of decision making in the face of uncertainty on the basis of numerical data and calculated risk.'

Statistics is a data interpretation tool to collect, classify, and analyze the data we have and make effective decisions.

Now, we will briefly look at the application of statistics in business and economics-

It enables the government to frame policies and guidelines.
it is helpful in allocating resources in an optimal manner.
Statistics is extensively used to enhance business performance through analytics.
It is used in targeting potential customers in a marketing campaign.
Probability and statistics are used to calculate and verify the expectations and risks of finance.
It is used in testing many economic theories or hypotheses or principles.
In manufacturing line, it is used in sampling inspection and inventory management.
Evaluation of the performance of any candidate, developing rating systems, training system.
it is also used in the information system to identify the performance of any programme, server.

orchestra answered 2 years ago

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