Importance of Statistics

The Role of Statistics in Management and Administration

A nation’s government runs on statistics. They use statistical data to make their decisions regarding any number of things. Most federal and provincial budgets are designed upon statistical data because it’s the most accurate data available when estimating expected expenditures and revenue.

Another great example of statistics in the government is figuring out whether or not to raise the minimum wage due to a rise in the cost of living. Statistical data gives the government the best idea regarding whether or not the cost of living will continue to rise. 

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