Home EducationSubjectsMathematics Subscribe to RSS

What Is The Importance Of Statistics In Modern Management?

Answer Question

1 Answer - Sort by: Date | Rating

    Statistics assists in summarizing the larger sets of data in a form that is easily understandable. Statistics assists in the efficient design of laboratory and field experiments as well as surveys. It is very important in any field of inquiry. Statistics assists in drawing general conclusion and in making predictions of how much of a thing will happen under given conditions. Statistics techniques being powerful tools for analyzing numerical data, are used in almost every branch. A businessman employs statistical methods in their management.
    0 0

    Amber22 

    answered 9 months ago

      More

      More

         
         

        Ask a Question via Twitter

        Send a question to @askblurtit and we will publish it online and send you a reply everytime you receive an answer.

        Blurtit Store

        Get T-shirts, hoodies, caps and more at the Blurtit store

        Blurtit International