Hw #3 SCM - 1. Statistics are used by all industries and...

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1. Statistics are used by all industries and businesses as a standardized unit of measurement for presenting data in a useful and meaningful format. Statistics can be used to measure historical performance and to forecast future targets. For business managers and leaders, statistics provide insight into how business units are performing relative to an organizations goals and objectives. Statistics also forecast future trends and are used in all areas of human thought an endeavor for planning purposes. Statistics are used in all areas of trade and commerce. Governments frequently undertake studies for the purposes of formulating policy and businesses use data to identify what is currently working and what is not. Business initiatives are altered to improve organizational performance based on feedback from statistical studies. Advertising companies use statistics to assess target markets and formulate campaigns. Marketers use statistics to identify opportunities for business development. Since the advent of the internet, statistics have become important for online
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