Discuss one way statistics is used in the business world.

1.  (reply to this)

Statistics are used in the business world to make effective executive decisions. Without structured data or information to guide shareholders or managers of a company on what to do, actions can be undertaken which will undermine and essentially ruin the company. Statistics provides data on the success of initiatives for a company, the best areas for improvement, and  current progress as of the present day along with a wide assortment of possibilities. An example of this would be  Hedge Fund companies which analyze trends in investments or prior successes and utilize them to keep their new investors or business partners happy.

2.

Chapter 1 is an introduction to business statistics. Statistics is used many different ways in the business world. According to the course reading, business statistics are statistics applied to the business world in an effort to improve people’s decision making in fields such as marketing, operations, finance, and human resources. The foundation of statistics relies on the data that is found. That data is then converted into information. Statistics is just about used in every way at my job. I work at Verizon. We use statistics to determine how much data is used from every customer’s account. It helps us to set a plan price and determine what plans we need to offer to customers. It’s important because it allows us to offer and personalize the best plan for the customer. For example a customer may be on a unlimited plan and want to save money. I can look at the quantitative data and recommend a 4 gb plan because the graphs show really low data usage on the plan.

3.

 In the business world statistics are used in many way. One way that statistics are use is for marketing research. Doing marketing research can help you gather focus group data, and do customer surveys, which can give you an idea of the audience you may need to be targeting. In the business world it is very important to know the different trends and audience for a idea you want to produce.