How Important is Statistics in Business? Seeking Insights for My Presentation

Hi all,

Can anyone give me some input on the following: What is the relevance of Statistics in Business? I want to make a presentation on this subject. Please help.

Thanks, Sree

Dear Sree,

The importance of statistics in business is to make informed decisions. Today's good decisions are driven by data. In all aspects of our lives, and importantly in the business context, an amazing diversity of data is available for inspection and analytical insight. Business managers and professionals are increasingly required to justify decisions on the basis of data. They need statistical model-based decision support systems. Statistical skills enable them to intelligently collect, analyze, and interpret data relevant to their decision-making. Statistical concepts and statistical thinking enable them to:

- solve problems in a diversity of contexts.
- add substance to decisions.
- reduce guesswork.

To read more about decision-making in business, please click on the link below: http://home.ubalt.edu/ntsbarsh/Busin...at/opre504.htm

Hope this would give you some insights to prepare and make your presentation.

Cheers! Faizal Haque

Dear Sree,

The importance of statistics in business is to help make informed decisions. Today's good decisions are driven by data. In all aspects of our lives, and importantly in the business context, an amazing diversity of data is available for inspection and analytical insight. Business managers and professionals are increasingly required to justify decisions on the basis of data. They need statistical model-based decision support systems. Statistical skills enable them to intelligently collect, analyze, and interpret data relevant to their decision-making. Statistical concepts and statistical thinking enable them to:

- solve problems in a diversity of contexts.
- add substance to decisions.
- reduce guesswork.

To read more about decision-making in business, please click on the link below: http://home.ubalt.edu/ntsbarsh/Busin...at/opre504.htm

Hope this would give you some insights to prepare and make your presentation.

Cheers! Faizal Haque