Question

What are some good examples as when and how you would apply statistics in business?

Answer 1

the businessman success depends on the its future estimate of the product or policy plan, on the basis of such a estimates, businessman plan his production , stocks, selling markets,expansion of plants etc. in future.so in that case businessman collect or get the past data and analysed the data use or apply the statistical tools or statistical method such as forecasting, regression, time series, Index Number , demand analysis etc on the past data to determine the future policies plan, sales of product, stocks , expansion of plans with the consideration of some limitation or other policies.