Importance of statistics

Importance of statistics - Importance of Statistics in...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Importance of Statistics in Different Fields Statistics plays a vital role in every fields of human activity. Statistics has important role in determining the existing position of per capita income, unemployment, population growth rate, housing, schooling medical facilities etc…in a country. Now statistics holds a central position in almost every field like Industry, Commerce, Trade, Physics, Chemistry, Economics, Mathematics, Biology, Botany, Psychology, Astronomy etc…, so application of statistics is very wide. Now we discuss some important fields in which statistics is commonly applied. (1) Business :            Statistics play an important role in business. A successful businessman must be very  quick and accurate in decision making. He knows that what his customers wants, he should  therefore, know what to produce and sell and in what quantities. Statistics helps businessman to  plan production according to the taste of the costumers, the quality of the products can also be  checked more efficiently by using statistical methods. So all the activities of the businessman  based on statistical information. He can make correct decision about the location of business, 
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/31/2010 for the course BBA QTM taught by Professor Manzoorimam during the Spring '10 term at Bahria University.

Page1 / 2

Importance of statistics - Importance of Statistics in...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online