Monday, July 29, 2019
Statistics for Business Decision Making Term Paper
Statistics for Business Decision Making - Term Paper Example Human beings make tangible decisions which dwarf all sources of competition if more and better information from statistical analysis is available. With statistical knowledge, many researchers have found that it is easier to apply them and make decisions that are satisfying and which fit different scenarios and situations. According to Winthrop, statistics are used as a standard unit which uses historical performance to come up with future targets which drive businesses (p.1). To him further, statistical analyses provide deep understanding into how different business departments (sales, human resources, stocks, marketing etc) are performing in relation to the overall goals and objectives of the business. Also, statistical analysis provides trends which form the backbone in planning purposes (p.1).Statistics are also employed in policy formulation by Governments which carry out studies from time to time to have a sound foundation of the policies and decisions made. Further, businesses use statistical data to evaluate the performance of current strategies and to come up with reliable information onto which strategies are working and which just wastes of resources. Again, new business initiatives are evaluated and changed in order to improve business performance backed by survey/feedback data from statistical marketing surveys. In addition, advertising/marketing bodies use statistics to understand different markets and customer behavior in order to formulate advertising/marketing campaigns.