Business Statistics Statistical Data Is Term Paper

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Because the nature of economic and business phenomena is clearly statistical in nature and the need for a scientific approach is becoming more and more necessary, so statistical analysis has become an integral part of every aspect of theoretical and applied research.

The inter-dependence of economies and the development of global markets has introduced new levels and sources of competition for the businesses. Businesses face new levels of risk as the markets in which they operate become more open. Should they invest in new capacity to be able to compete more effectively? How exposed a position can they afford to take in their key markets? In short, how does a business cope with the risks inherent in the modern economy? When uncertainty is so high, the management has no choice but make the use of the statistics to justify their decisions.

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So statistical devices are a set of tools that can help business organizations impose order in the modern world. Business statistics offer the opportunity to make decisions based on numerical data, in the face of uncertainty.

Some of the common use of the statistical tools is to measure economic activity and the impact of developments in the world economy on their markets. The other important activity of statistical tools is to do market research and gain information about customers, markets, economic conditions, and the prices. Finally, the use of the statistical tools can be implemented for forecasting and trends, i.e., how businesses use data to examine economic trends and try to forecast ahead to see how these trends may impact on their business......

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