Business statistics make use of data analysis instruments from elementary statistics and apply them to the field of business. This helps the organisation form an idea for themselves regarding the future business rate and statistics of the firm and hence helps shape a certain understanding for matters concerning the firm like how or where sales and profits rates would be heading seven or eight years from now. There are various types of business statistics to employ, each with the capability to function according to the required system. Basic math is applied and so is hypothesis testing and regression analysis. This helps the firm analyse and understand their performance greatly. In case they show negative tendencies, this gives them the space to rectify their mistakes and move forward strongly.

Abhijith S

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