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What Is The Role Of Statistics In COMMERCE?

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SMITA GADGIL answered
Statistics play a very important role in commerce. The importance of statistics is enumerated below:


  1. Statisticians give the Management Teams data which helps a lot in planning production schedules etc.

  2. New products can be introduced based on the feedback received from the Statistician of the company.

  3. Marketing department gains a lot from the statistics which are provided.

  4. Competition figures are analysed by the Statistician enabling the marketing department to make correct forecasts for the future quarters.

  5. Statistics is like a looking glass for the future, By going through the past figures once can predict the future course of the business.

To summarise without statistics any business is incomplete. Statistics helps the business to grow very fast.

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