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BUSINESS STATISTICS


When uncertain situations occur in the world of business, then there is a need to make wise, good and appropriate decisions to confront the current problem. This procedure is known as business statistics.

ROLE AND SKILLS OF A STATICIAN

Analysis of a given question with the best possible outcome.

Knowledge of the contemporary techniques and modes of the business.

Knowledge of the mathematical solution for the given problem.

Providing graphical representations for the given data.

Adhere to the given deadlines by the company.

Investigates the scope and limitations of statistics.


COMPONENTS OF BUSINESS STATISTICS

Business register – Business register is a tool to keep the record of economic activities related to the production of goods and services.

Purposes of business register –

It provides the contact numbers of the clients.

It provides the information of the companies which the company is dealing with.

Record of the business surveys.

Due to development of technologies, e-registers are also available.

Census and surveys – It is a tool to collect the data through various sources for extracting the current information from various sources. The medium through which data can be collected is from direct interviews, providing questionnaire through mails or a combination of both the methods. In the contemporary times, companies send online surveys to people for their various responses and opinions. Some surveys are designed by the statistician as per the requirements and needs of the specific country.

Data processing, management and dissemination – The electronic data processing system is designed currently to provide ample opportunities. Investment centres, National banks and industrial ministry sectors are responsible for the entire processing of data. Sometimes it is difficult for the data users to design the entire data because of the on-going conflicts of the various departments. One single source can help the users to create a full-fledged data discarding major errors. Many organisations are responsible for the management of the data. Dissemination refers to the scattering of the data to various companies. It is handled by the sector of information technology with the help of electronic media using CD- ROM, offline media, promotion on web sites and other publications in electronic forms.

Training programmes – For the proper growth of an industry, various training programmes are launched so that the employees are aware of the national and international marketing trends through workshops, seminars, project activities and presentations. The assigned employees are sending abroad for learning the new outcomes at international level.


BENEFITS OF BUSINESS STATISTICS

It can be achieved through various sources.

It provides the data which are based on the facts.

It tends the company to meet the present trends and behaviour of business.

It helps a company in decision making process.

It helps to foretell the upcoming problems and obstacles of the company.

It helps in preparing the annual budget of the company.

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