Statistics are commonly used to measure performance of historical data and for a purpose of forecasting future events. Business managers or leaders will use business statistics for insight about performance goals and objectives. People use data to forecast trends in the marketplace and forecast possible future events. Statistics are used every day for planning purposes in any area of thought.
Trade and commerce use business statistics in almost every area. Policies are formulated by the government based on statistics of what types of policies are working and those policies that are not. Feedback from studies and surveys often provide enough information to alter business initiatives and make process changes to improve an organization.
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Advertising companies use business statistics to look at the overall marketplace and competitors. Business statistics help them determine which methods of advertising are beneficial to the customers and which methods are a waste of money. Statistics help advertisers understand which audience is most likely to buy a product, which area is the best to sell a product, how to price a product, what the customers expect, and much more. This type of information can be gathered through surveying the customers and analyzing the overall data.
Online businesses must use business statistics so they can remain competitive in the marketplace. The web is a very competitive world and data must be gathered so these companies know which techniques work the best for website ranking, keywords, attracting the users, and more. There are so many issues that companies come up with on the web and they must do a lot of research before they can begin to compete. In addition, a web business's competition is worldwide rather than focused on a small local community like a brick and mortar store.
Business statistics are used in almost every industry and organization to make decisions based on historical data or current data, and to help make future decisions and projections. Information can be gathered by sending out surveys to relevant people.
Using Business Statistics
Tony Jacowski is a quality analyst for The MBA Journal. Aveta Solutions - Six Sigma Online (http://www.sixsigmaonline.org) offers online six sigma training and certification classes for lean six sigma, black belts, green belts, and yellow belts.
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