Order ready-to-submit essays. No Plagiarism Guarantee!
Note: Our papers are 100% human-written, not AI-generated.
We Write Essays for Students
Tell us about your assignment and we will find the best writer for your paper
Get Help Now!
Statistics is the collection, presentation and interpretation of a numerical data. Statistics therefore plays a very important and vital role in each and every field of human activity. For instance, it has important role in the determination of the existing position of unemployment, per capita income, housing, population growth in a country (Black, 2012). Basically it holds a central and fundamental position in numerous fields such as economics, commerce, industry, mathematics o name but a few. This paper discusses the significance of statistics in business and management field.
Statistics plays a vital role in the management decision making. Today business managers face bigger complexities whether they are designing new products, evaluating current and prospective customers or when they are streamlining production processes. Therefore managers are required to develop mechanisms that can help deal with uncertainties in order to avoid running shops on instincts but rather be proactive in their approach. Statistics therefore provide business managers with more confidence when dealing with these uncertainties because it enables them to make decisions more quickly hence providing more stable leadership to the staff that rely on them (Hahn & Doganaksoy, 2011).
Statistics has also helped in the process of sales forecasting. Companies are able to develop their sales forecast several years into the future with the help of statistics. In a bid to meet these targets, a company then modifies or improves their products, acquires additional sales representatives and also put the necessary and additional resources in place. Sales forecasting is also helpful in the development of business and marketing plan (Sharma, 2010).
Further, companies uses statistics to measure market potential and market share, total amounts of units sold in the industry, and the total percentage of the market held in dollars. In addition, companies use the current statistics to develop and examine their marketing strategies so that they can increase their market share (Sharma, 2012). They can also try to establish a new market by skillfully analyzing the data on production, man power, purchasing power, and habits of consumers, habits of competitors and by considering transport costs. On the other hand, statistics is a major component of the marketing research techniques. Marketing research agencies are used by companies to conduct qualitative research with their consumers and customers so that new and existing products and services can be evaluated. These statics then helps to develop models that show the potential trials, the usage and the success of the products and services (Sharma, 2010).
Through the help of statistics, companies are able to focus on bigger picture because statistical analysis of a given representative consumer group can actually provide a reasonably cost effective, accurate snapshot of a market segment with a faster and cheaper statistics rather than trying to conduct a census on each and every customer that a company deals with (Hahn & Doganaksoy, 2011). In addition, statistics affords leadership of an unbiased market outlook so that building strategies on uncorroborated presuppositions can be actually avoided. Leaders are also able to back up their assertions using statistics hence avoiding risks associated with unsubstantiated opinions because statistics basically provide objective goals with hard evidence and stand-alone figures. This in turn substantiates the positions of the directions they would wish to take the company (Black, 2012).
In summary, statistics plays a vital role in the business and management field. It ensures that managers are quick and accurate in their decision making process because they know what their customers want. Further, they are able to plan production according to consumer taste and preference and quality. This therefore implies that all business activities are based on statistical information.
References
Black, K. (2012). Business statistics: For contemporary decision making. Hoboken, NJ: Wiley.
Hahn, G. J., & Doganaksoy, N. (2011). The Role of Statistics in Business and Industry. Hoboken: John Wiley & Sons.
Sharma, J. K. (2010). Fundamentals of business statistics. New Delhi, India: Pearson/Dorling Kindersley (India.
Sharma, J. K. (2012). Business statistics. New Delhi: Dorling Kindersley
PLACE THIS ORDER OR A SIMILAR ORDER WITH GRADE VALLEY TODAY AND GET AN AMAZING DISCOUNT
The post SIGNIFICANCE OF STATISTICS IN BUSINESS appeared first on Grade Ninjas.
Welcome to originalessaywriters.com, our friendly and experienced essay writers are available 24/7 to complete all your assignments. We offer high-quality academic essays written from scratch to guarantee top grades to all students. All our papers are 100% plagiarism-free and come with a plagiarism report, upon request
Tell Us “Write My Essay for Me” and Relax! You will get an original essay well before your submission deadline.
