Question

Explain what is Statistical concepts. And how can we use these Statistical concepts in data analysis to provide solutions to Business Problems? A detailed description is required. What are the statistical tools you may use to solve the Business Problems?.

Please don't send the screenshot of the handwritten paper.

Answer 1

Statistics deals with the visualization of raw data in to some useful information. Suppose we have a given data set and we want to extract some information with it, the best way of doing this is possible with the help of statistical methods.

Now we have to confined ourself to business problems.

For example, there is an entity which produces some goods and want to know the demamd of that good in the market so that it can balance the demand and supply gap of market.

In this situation we will use statistical methods to know the demand of that good in the market....

There are many situations where we can use statistical methods to solve the problems in business sector.