Description

The introduction explains why statistics is important in business and how statistical methods help managers make better decisions.

1. What is statistics?

Statistics is the science of collecting, organizing, presenting, analyzing, and interpreting data.

For example, a company may collect information about:

• Customer satisfaction
• Sales
• Prices
• Employee performance
• Advertising effectiveness
• Market demand

Statistics helps turn this information into useful conclusions.

2. Why businesses use statistics

Businesses operate with uncertainty. Managers cannot know exactly what customers will buy or what will happen in the future.