Importance Of Statistics

Modern business is more science than art. Increase never prescribed global business leaders of competition to deal with uncertainty by using scientific methods and decision makers are targeting. Forecasting and planning, organization and decision making. The main activities of the Director means a better future for the company. The only certainty about the future is in the "uncertainty". Although we can not eliminate uncertainty, it is possible to measure the uncertainty using statistics: Director may make informed decisions using statistical methods and statistical thinking. This requires the statistical power detection for managers.......


On a large scale, knowledge of statistics helps the director to describe the problem, identify and assess the various action plans, error estimation, process control and take appropriate corrective measures to achieve the best results.

Forum Statistics for Managers

Each of descriptive statistics and deductive find an important place in business administration. To name a few of the many applications in all functions,

 marketing manager needs to collect and analyze a large amount of data on the dynamics of the market and target customers. Ideally, the marketing strategy is based on the results until the market research, which involves statistical methods for collecting and analyzing data, and application of sampling techniques and evaluate the impact of different marketing strategies.

 and director of production and better use of monitoring techniques in statistical processes to improve productivity and quality. Knowledge and application of control charts, sampling and probability distributions ensures that processes and products better techniques. This also leads to a reduction in production costs and higher profits.


 and Director of Human Resources will be interested in determining the best approach to staff training and evaluation of the impact of training. It is necessary to measure attrition and understanding of the underlying factors behind it.

 the Director of Finance, financial data processing and the use of financial techniques is part of the work day after day. Statistical knowledge improves the efficiency and the Director's competence as a researcher and therefore offers an advantage.

At a time when Total Quality Management [TQM] lean organization for six sigma are some of the buzzwords, it is necessary that the director to become familiar with the Mini.

Furthermore, in today's scenario, which is not only to manage the technical services home businesses, however, be a graduate of intrapreneurs B - the planned school. He / she should work with the whole approach of the initiative of the mind. Professionally trained and qualified graduates are encouraged to develop projects and job creation and the creation of value. To be entrepreneurial is important to be able to "think out of the box" and be "objective." In other words, we must promote "creative statistical thinking" of success. To facilitate quantitative analysis to provide objective, realistic pillar of cases and responses. Analysis with the data, and helps to determine the extent problems and solutions in other media can rarely.

Whether simple tools such as charts and graphs, to see and measures of central tendency, dispersion, Association for the analysis of data, or complex techniques such as multivariate techniques, and analysis large amounts of data, structural equation modeling, statistical methods made way to the spacious rooms for business. This indicates that it is necessary for statistics of administrative decisions.