The basic objective with which Business Statistics is used for making inferences that is reaching a decision or conclusion and predictions and assumptions. In business, decision making is a very critical phase and is used in all the fields of business. The use of statistics makes comparisons and analysis easier which relatively quickens the decision-making process and also makes it a little easier. Bu using statistics the relationships of different variables can be studied. Statistics makes it possible to do what-if analysis. Regression analysis is used for studying the relationship between variables and the dependency of one upon the other. Research shows that the use of statistical models improves the decision making process. By using probabilities, different predictions can also be made in business.
