Statistics in business and management:
1. Marketing: Statistical analysis are frequently used in providing information for making decision in the field of marketing it is necessary first to find out what can be sold and the to evolve suitable strategy, so that the goods which to the ultimate consumer. A skill full analysis of data on production purchasing power, man power, habits of compotators, habits of consumer, transportation cost should be consider to take any attempt to establish a new market.
2. Production: In the field of production statistical data and method play a very important role. The decision about what to produce? How to produce? When to produce? For whom to produce is based largely on statistical analysis.
3. Finance: The financial organization discharging their finance function effectively depend very heavily on statistical analysis of peat and tigers.
3. Banking: Banking institute have found if increasingly to establish research department within their organization for the purpose of gathering and analysis information, not only regarding their own business but also regarding general economic situation and every segment of business in which they may have interest.
4. Investment: Statistics greatly assists investors in making clear and valued judgment in his investment decision in selecting securities which are safe and have the best prospects of yielding a good income.
5. Purchase: the purchase department in discharging their function makes use of statistical data to frame suitable purchase policies such as what to buy? What quantity to buy? What time to buy? Where to buy? Whom to buy?
6. Accounting: statistical data are also employer in accounting particularly in auditing function, the technique of sampling and destination is frequently used.
7. Control: the management control process combines statistical and accounting method in making the overall budget for the coming year including sales, materials, labor and other costs and net profits and capital requirement.
There are so many advantages of statistics in business. They will help in planning and making critical decisions that are related to the business.
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the function of cost accounting is to provide management of differents acitivities in a business
The three critical areas of treasury risk management are: Corporate finance Equity management Global dealing
The vision in a business are the goals and work strategies set by management.
Varied applications. A few are: 1. Which group of customers are more valuable (profitable) to the business 2. How vary the business results are from the average 4. Predict the business future using statistics based on the assumptions
Yes
Statistics is applied in business in a number of ways. Some of these applications include: financial analysis, auditing, planning and econometrics.
Statistics is used in Business Management to tell the trend of the sale of certain goods and services. It is used to predict the various factors that affect trade.
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role of mathematics and statistics in business decision making
David F. Groebner has written: 'Management science' -- subject(s): Management science 'Business statistics' -- subject(s): Commercial statistics, Statistical decision 'Essentials of business statistics' -- subject(s): Case studies, Commercial statistics, Statistical decision
Statistics help managers understand trends that affect their business. With statistics, managers can justify making changes to policies and strategies.
Ya-lun Chou has written: 'Probability and statistics for decision making' -- subject(s): Probabilities, Statistical decision, Statistics 'Applied business and economic statistics' -- subject(s): Statistics 'Statistical analysis, with business and economic applications' -- subject(s): Statistics 'Modern business statistics' -- subject(s): Commercial statistics, Economics, Statistical methods, Statistics
The history of management information system started as computer usage evolved in the fields of business and data management. Software applications were needed to process data and the business world had to create information-based applications for networks.
Businesses use statistics in order to learn about their customers. Managers measure customer satisfaction by using statistics. They can then use this information to improve their current position.