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What Is The Importance Of Statistics In Business Sector?

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Connor Sephton answered
Statistics are very important when it comes to the business sector of society. Every business which is successful needs to ensure that it knows the different statistics which are in place to ensure that they have a clear idea of what they are selling, how much profit they are getting, and what they can do to ensure that they can make more money. Statistics show what people want and how well the business can do if they meet the demands of the public which they are selling to. Studies are always being carried out by different companies and these are what make the different statistics which they aim to meet and to use to succeed.

No matter what the business is going to be selling or promoting, they are always going to be looking at the different statistics which are in place to predict how well they are going to be doing in the future and within months and years to come. It is then up to company to ensure that they meet these expectations and can make as much money as possible and be as successful as possible.

Within statistics a company would not know where they should be aiming with their business and how they are going to succeed. If you are studying the subject or have been doing work experience within the area, you are going to find that it doesn't matter what business it is and what they are selling, they are going to have a clear idea of the statistics which are in place and that they are going to have to exceed to be successful in their line of work.

Without statistics a business would fail and would not know where they should be aiming to succeed to. There is simply no business if there are not any statistics which they have or are researching.

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