Business Statistics
Statistics is a process of collection, analysis and interpretation of numerical data. It is a most widely used quantitative method in business and is mainly preferred to attain the best possible information from the data in order to support decision making. For the past decades, statistics are applying in almost all the fields, including Public sectors, Private sectors, Health and Medical related fields, Business Management, Quality Control and so on. The dataset used in business is usually obtained from population census and opinion polls and it may also come from consumer databases, sales & demand databases. According to the definition of statistics, in order to provide a best conclusion with reasonable suggestions, a statistician should be well known about the type of data required for the study, the sampling technique to be used for data collection and the methods used for analyze the data to achieve a desired end point.
Business statistics is a science that deals with the process of taking good decisions under the condition of uncertainty. It is used in many business fields such as banking, finance, stock market, econometrics, production process, quality control, and marketing research. It is a well-known fact that business environment is always more complex as it deals with money and direct/indirect communication with people. This makes the process of decision-making more difficult in any type of business. Due to this reason, the businessman or the decision-maker do not have confidence on his decision that was taken simply based on his observation and own experience in his business.
In any business, the important process is to collect relevant information to make right decision and the process of collecting such relevant information is called Business Statistics. For example, an administrative officer should know about the forthcoming events of organization so that he/she can decide whether a new employee has to be recruited or a current employee has to be terminated. So, before taking any decision on recruitment or termination, the relevant information about the organization and the employees’ efficiencies or performances have to be collected for the purpose of analysis. At the same time, appropriate statistical tools have to be applied for analyzing the data, so that the results obtained from analysis would be more reliable. Therefore, in order to save time and energy spent for collection and analysis of business data, relevant data and analysis has to be chosen.
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