3 IMPORTANCE OF STATISTICS IN BUSINESS.

MANY PEOPLE WOULD LIKE TO BYPASS THIS TUTORIAL SERIES ON STATISTICS IN BUSINESS BUT THIS IS A VERY VITAL PART OF EVERY BUSINESS.YOU SHOULD BE ABLE TO TELL WHEN YOU RISE AND WHEN YOU FALL IN BUSINESS AND THIS CAN ONLY BE ACHIEVED THROUGH STATISTICS.NOW TODAY I WOULD GIVE YOU 4 REASONS WHILE YOU MUST PERFORM STATISTICS IN YOUR BUSINESS.I WOULD BE GIVEN THEM TO YOU  BELOW.

1) TO DETERMINE YOUR RISE AND FALL IN BUSINESS: ONE OF THE MOST VITAL IMPORTANCE OF STATISTICS IN BUSINESS IS TO KNOW WHERE YOU FAIL AND WHERE YOU PASS IN YOUR BUSINESS WORK.WHEN YOU KNOW THIS IT WILL ENABLE YOU TO TAKE THE RIGHT DECISIONS IN YOUR  BUSINESS.IF FOR INSTANCE YOU MADE A BAR CHART OF YOUR EARNINGS FOR EVERY MONTH FOR SIX GOOD MONTHS.WHEN YOU GO BACK TO THE BAR CHART YOU DISCOVER THAT ON THE MONTH OF MARCH YOUR SALES DROPPED BY LET US SAY 2 PERCENT,AND IT ROSE AGAIN ON APRIL BY 4 PERCENT AND THEN DROPPED BY 2.5 PERCENT ON MAY AND THEN ROSE AGAIN ON JUNE BY LET US SAY 6 PERCENT.WITH THIS KIND OF DATA YOU KNOW THAT YOU HAVE AN UNSTABLE MARKET.IT WILL HELP YOU TO ASK YOUR SELF WHAT MADE IT CHANGE BY APRIL  AND JUNE? WHAT WAS IT I DID ON THOSE MONTHS WITH THAT YOU WOULD BE ABLE TO MAKE THE RIGHT DECISION.

2) IT AIDS DECISION MAKING: STATISTICS ENABLES A BUSINESS MAN OR WOMAN TO MAKE THE RIGHT DECISION IN THEIR BUSINESS WALK.FOR INSTANCE IF YOU DRAW A BAR CHART OF YOUR SUPPLIES AGAINST YOUR SALES. YOU WOULD KNOW IF YOU ARE SPENDING ABOVE YOUR INCOME AS THIS IS ONE OF THE GREATEST ENEMIES OF BUSINESS TO SPEND BEYOND WHAT YOU ARE EARNING.THIS IS BECAUSE IT CAN CAUSE YOU THE BUSINESS MAN TO RUN INTO SO MUCH DEBTS THAT IT MAY EVEN CAUSE HIS BUSINESS TO FOLD UP AS DEBT IS A BAD THING.

3) IT HELPS YOU TO CHANGE YOUR MARKETING STRATEGY: ONE THING A BUSINESS MAN MUST KNOW IS THAT HE/SHE SHOULD BE ABLE TO MOVE WITH THE TIMES ELSE HE COULD BE LEFT OUT.WHEN YOU USE STATISTICS IN YOUR BUSINESS IT WILL HELP YOU TO KNOW THE MARKETING STRATEGY TO USE EVERY TIME OF THE YEAR, INFACT YOU MUST BA ABLE TO MOVE WITH THE TIMES AS A GOOD BUSINESS MAN.E.G AS A GOOD BUSINESS MAN YOU SHOULD KNOW THAT FESTIVE SEASONS,THE MARKETING STRATEGY IS A PROMO AS IF YOU DON'T DO SO YOUR COMPETITORS WILL OVERTAKE YOU.

ALL THE ABOVE ARE THE IMPORTANCE OF STATISTICS.AS A GOOD BUSINESS MAN YOU NEED TO CARRY OUT STATISTICS ON YOUR BUSINESS