Term Paper on "Business Statistics Numbers Are Unable to Converse"

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Acquiring skills in Business Statistics enables one to make analysis of data and take decisions using a gamut of statistical analysis packages or programming environments. Business Statistics wields a high level of influence in high-level, strategic analysis of real-world areas of difficulty across the boundaries of disciplines. We see a lot of collective actifity in fields such as risk in financial markets, the modelling of the choice of consumers and behaviour of corporates, and in the creation of indices to measure political risk. Such activities have only enhanced the importance of Business Stattistics. (Welcome to the Discipline of Econometrics and Business Statistics)

The relevance of Business Statistics takes a leap upwards, when we look at the interdependence of economies and the large the opening up of global market challenges. The level and sources for any Organization has now become even greater. The levels of risk have also become greater as the area in which a business operates has been opened up to global competition. The meeting of these new demands on management skills is a new chapter in the area of Business Statistics. It provides a set of tools for Organizations to create some sort of order in the modern world, as it provides a way to make decisions using numerical data, when faced with uncertainty. (Using Data)

Data is raw knowledge and has to go through a sequence to become knowledge and so it moves first to information and then to facts and in the end from facts to knowledge. Relevance of data in the solving of a problem converts the data to information. When this information is supported by data it becomes a fact. The successful use of a fact is applied successfully in a decision process it becomes knowledge. The acquiring of large amounts of facts integrated into knowledge makes the Organization ready to face the challenges of the modern competitive environment. To business professionals a statistical toolkit is essential. These skill sets will enable them to solve problems by intelligently collecting, studying and interpreting data. (Statistical Thinking for Managerial Decisions)

America with its free enterprise environment is competitive and that require Business managers to be really skilled. They must make quality a part of the design of their products and in the production of their products. It is necessary that they create a process to make continual improvement at every stage of production and service an integral part of the Organization. For this strategy they need to make use of statistically designed experiments and produces processes that not only give a high yield, but also products that do seldom fail. This will also enable the creation of long lasting products that can withstand changes in environment and internal component variation. Statistical studies can also remove hurdles to high quality and good productivity through all stages of production. Time and money are also saved increasing the competitiveness of the Organization. (Statistical Thinking for Managerial Decision)

Systematic forecasting is common to most… READ MORE