The Business Statistics refers to the statistical techniques and tools which helps in collecting, summarizing, classifying, organizing, analyzing and interpreting the data of the organization. The business statistics is involved in all the departments if the organization such as financing marketing, production, research & development, manpower planning, etc. It extracts the more appropriate and relevant information which helps in analyzing the business operations of both public and private enterprise.

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When we talk about the small business the statistics play a major role in driving their growth. It is true that small business has to go through numerous challenges in its very initial stages. Business statistics is divided into two broad categories:

Descriptive Statistic: This involves measuring statistics with the help of charts, graphs, tables, and other tools. It helps in describing a certain phenomenon.

Inferential Statistics: It gives the valid estimation of the facts related to the business which facilitates decision making.

Business Statistics is Beneficial for Small Business Organization

Evaluating Performance: Business statistics is very useful for managers who are responsible for employee performance management. By using statistics you can drive accurate data about the performance of every single employee. The data include information about the task completed and the productivity of the employee in various business projects. It helps in determining what is necessary for achieving maximum productivity from the employee. The uses of business statistic are not just limited to the evaluation of employee’s performance; it also helps in analyzing the business position.

Business Planning: The managers also use business statistics to analyze alternative scenarios and choosing the most beneficial and suitable option for the business. It plays a major role in business planning. The statistics deliver accurate data based on prediction and assumptions. Most of the time managers use the data of business statistics to make sound decisions for the business organization.

Importance of the data: Maintaining the record of all the data and information driven by business statistics can be very useful for future reference. It allows you to compare your present performance with the past performance using this statistical data. It also gives you the opportunity to improvise your business strategies for the growth of the business.

Financial Analysis: The financial analysis is the most important part of every business whether it is a small enterprise or a huge company. It includes the analysis of business revenue and expenditure. It gives you useful information about your business trends, variations, cost of production, pricing of the final product profit margins, etc. In simple words, it is used in all kind of monetary issues.

The business statistics has its importance in numerous industries like finance, banking, econometrics, quality control, and marketing. It is a concept that plays a crucial role in the development and growth of a small business enterprise.

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