Why is statistics important for business professionals in many career fields?

helps communicate complex data sets in an understandable format

minimizes input errors

helps researchers get information on each individual in a population

improves technology

Statistics helps businessman to plan production according to the taste of the costumers, the quality of the products can also be checked more efficiently by using statistical methods. So all the activities of the businessman based on statistical information.

Explanation:

Industrial statisticians help build products and deliver services that satisfy customers and increase their company’s market share and profit margin. Statisticians help design the best product, guide the transition from design to manufacturing, ensure a consistently excellent product, manage customer satisfaction, and ensure a financially beneficial bottom line. Statistics is used to quantify the extent of variation in customer’s needs and wants. Statisticians design experiments for new products, conduct focus groups and sample surveys to gather customer feedback, and perform field experiments in test markets to determine produce viability and marketability. Reliable and accurate statistical software is arguably the most important tool available to statisticians in every field. Developing code that is both user-friendly and sufficiently complex is a challenging task, as is exploiting the rapidly occurring improvements in hardware platforms, graphics, and algorithms. Engineers work in electronics, chemicals, aerospace, pollution control, construction, and other industries. They may be responsible for leading large projects with significant costs, technical complexity, and responsibility. Statistical methods allow engineers to make a consistent product, detect problems, minimize chemical waste, and predict product life.

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