businesstatistics.docx - BUSINESS STATISTICS In 1786...

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BUSINESS STATISTICS In 1786 William Playfair (1759-1823) introduced the idea of graphical representation into statistics . He invented the line chart, bar chart and histogram and incorporated them into his works on economics, the Commercial and Political Atlas. " Business statistics is the science of good decision making in the face of uncertainty and is used in many disciplines such as financial analysis, econometrics , auditing, production and operations including services improvement and marketing research". Business statistics are used in making good and sound decisions for a company or business . Anything that has to do with auditing, financial analysis or marketing research will be included in the statistics . The statistics contain data that is published for business members to look at and analyze. Meaning and Scope of Statistics. Introduction. Statistics is a mathematical science pertaining to the collection, analysis, interpretation or explanation and presentation of data. It provides tools for
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