If you’re a business major, you’re familiar with the role statistics plays in your field. However, if you haven’t gotten to that point yet, here’s some information on statistics in the business field. Statistics involves making decisions, and in the business world, you often have to make a quick decision then and there.
Using statistics, you can plan the production according to what the customer likes and wants, and you can check the quality of the products far more efficiently with statistical methods. In fact, many business activities can be completed with statistics including deciding a new location, marketing the product, and estimating what the profit will be on a new product.
Examples of Statistics in Business
If you still don’t see the connection to statistics and business, check out this short list of examples:
- Condoms are effective 94% of the time.
- 4 out of 5 dentists recommend Dentine.
These are examples of marketing phrases that businesses will use to make their product sell. These involve the use of statistics.