Statistics is an important subject at the University level. The relevance of the subject can be seen in large Corporations where the subject is utilized extensively for collecting, processing and understanding data. Even in computer programs like MS Office, Open Office and Google Documents, the application of spreadsheet software like MS Excel, Google Spreadsheet many statistical applications are utilized. This shows the dependency on Statistics by large Corporations and Governments.
Statistics in Business is the Science of Decision Making In The Face Of Uncertainty.
Therefore a prior knowledge and expertise in Statistics will make the future managers of a Corporation more scientific and analytical in approach. The various disciplines in which statistics is applied would be in financial analysis, econometrics, auditing, production and operations including services improvement and marketing research.
Various topics and subtopics in statistics which are great importance in business are Time Series, Binomial and Normal Distributions, Test of Hypotheses, Linear Regression and Correlation.
The application of statistics can be found in business in many forms. One of the most utilized ways is to determine the emerging trends and develop a product in line with consumer preferences, testing of the products for compliance, forecast sales for the next five years, etc.
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