Title: Importance of Statistics to Industry & Business | Bizfluent
Headings: Importance of Statistics to Industry & Business
Importance of Statistics to Industry & Business
Performance Measurement
Forecasting
Risk/Return on Investments
Market Research
Limitations of Using Statistics

Content: Importance of Statistics to Industry & Business | Bizfluent
Importance of Statistics to Industry & Business
By: Jim Woodruff
Reviewed by: Michelle Seidel, B.Sc., LL.B., MBA
Updated January 22, 2019
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Business managers use statistics as an aid to making decisions in the face of uncertainty. Statistics can be used for making sales projections, financial analysis of capital expenditure projects, constructing profit projections for a new product, setting up production quantities, and making a sampling analysis to determine the quality of a product. Using statistics provides real data about complex situations rather than making decisions based on unsubstantiated hunches. Performance Measurement
A common use of statistics is to measure performance. For example, you might gather data about a small number of product units to make an estimate about the quality level of an entire batch of production; this is known as statistical sampling and is used to determine whether to accept or reject a batch. Another use could be the analysis of the production output of an employee to find out if the worker is meeting the desired productivity standards.