Role of Statistics in Business World

by Craig Stewart Chief of Marketing & Sales

Business Statistics and its assignments:

Statistics is an important branch of mathematics and has a wide range of application in our day-to-day life. The application of statistical knowledge, techniques, and tools to business is known as business statistics. It provides assumptions and sound predictions for business planning. By applying business statistics, organizations can have the accurate estimation of demand, costs, sales, prices, etc. In Business world, statistics has a pivotal role. A successful businessman is well aware of the choice and demands of his customers. Statistics not only helps businessman to plan the production process according to the demand of the customer but also provides various statistical methods to check on the quality of the products.

The Role of Statistics in Business World explained in Business Statistics Assignment Help is given below: -

·         Research and Development- Statistics play a major role in market research and product development sector. Several surveys are conducted by the managers in order to determine customers’ satisfaction with the existing products. Statistical concepts such as a random sample of consumers, break-even analysis, etc are used.

·         Management of Performance- Statistics contributes a lot to the business sector. It

·         Data Collection- In business, statistics helps the manager to collect data and reports. Statistics are used to determine the achieved sales level and the projected sales level of a company. Thus, statistics uses a logical approach to collect and summarize data.

Finance and its assignments:

Finance is a science that deals with the management of money. Without finance or finance department, a business would not function properly or would likely not exist. A financial strong business not only survives in the market but also leads the business world. Finance plays an important role in the growth of a company.

Finance and its relation to other fields explained in Finance Assignment Help are given below: -

1.      Relationship of Finance with Marketing- The main duty of marketing department is to sell a large number of products and to meet the company’s requirements. Development of product requires money for paying advertisement budget, salesman, promotional activities, etc. The marketing budget made by the marketing department has to be cleared by the Finance department. Thus, it is important for both the departments to have a cordial relationship.

2.      Relationship of Finance with Production- The main duty of production department is to produce goods. Production of goods requires money for paying production department, to purchase raw materials, labor costs, and many other expenses. This fund is sanctioned by the Finance Department. Increase in the rate of production would eventually fund the Finance department with high profit. Thus, both the departments are dependent on each other.

3.       Relationship of Finance with Personnel- We know, finance is a science that deals with the management of money and a personnel are a science that deals with the management of employees in a company. In order to fulfill the objectives of a company, both the department have to work together.

About the Author:


Craig Stewart is an author of this article who writes about the importance of Business Statistics Assignment Help. He has also written about Finance Assignment Help.

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About Craig Stewart Committed     Chief of Marketing & Sales

371 connections, 12 recommendations, 1,487 honor points.
Joined APSense since, April 27th, 2016, From Plano, Texas, United States.

Created on Apr 16th 2018 04:54. Viewed 425 times.


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