What Is The Role Of Statistics In Business?

Depending on the type of business that is being operated, statistics are mainly used in business to gather information about their customers (current or potential), and would mainly be used to help improve or increase sales or marketing by making their business more tailored to their customers.  Alternatively, if they were looking to open new markets, then they would use this to research the needs and demands of customers.  Statistics are also used in business to work out the breakdown of financial dealings of the company, so they can address where the spending and returns have been for the company, so they can budget for future spending and expenses.

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