BUSINESS STATISTICS

Name Roll No Semester University

BUSINESS STATISTICS USE THEM TO MAKE GOOD BUSINESS DECISIONS

From a company and business standpoint, management should be able to get a feel of how business statistics work. This can help them advance and gain more knowledge. They will also be able to make better business decisions after looking at and analyzing the data they find. Learning the business statistics of the company can help managers make important decisions impacting the future of the company.

UNDERSTANDING TERMINOLOGY

Mean In business statistics, this is referring to a set of numbers with average values. Basically it is a value that is between two other values, such as an average.

Mode This is the number that is seen or shown the most within a group of other numbers.
Median The middle number within a set of numbers. It is looked at as if there were congruent sets of numbers before and after it.

HOW STATISTICS ARE USED IN BUSINESS

AREAS Accounting - Random sampling is frequently used by accounting firms when accounts (like travel expenses) are relatively small and inconsequential. You can use a random sample to estimate the quality of the whole population of accounts. Finance - Trend analysis and correlation are common when making economic forecasts.

HOW STATISTICS ARE USED IN BUSINESS

AREAS

Management - Sampling of opinion polls and data pertaining to personnel. These are often summarized with estimates of errors. Marketing - Customer surveys, correlations between advertising outlays and increased revenues. Estimates of market sizes uses sampling. Product quality is also a rich field for statistical analysis.

DAILY SPENDING RECORD OF STUDENT

Petrol Food

: :

Rs.100 Rs150

Leisure
Maintenance Stationary :

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: Rs.20

Rs. 200
Rs.150

IMPORTANCE OF STATISTICS IN BUSINESS

The planning of operations: This may relate to either special projects or tothe recurring activities of a firm over a specified period. The setting up of standards: This may relate to the size of employment, volume of sales, fixation of quality norms for the manufactured product, norms for the daily output, and so forth. The function of control: This involves comparison of actual production achieved against the norm or target set earlier. In case the production has fallen short of the target, it gives remedial measures so that such a deficiency does not occur again.