Quantitative Techniques for Business Analysis

NIBM

Assignments of Two year MBA program

SEMESTER-III

QUANTITATIVE TECHNIQUES FOR BUSINESS ANALYSIS

Name.: Saumya Ranjan Jena

Roll No.: MMBA/DEC08/7055

Registration No.:900163

Q: Suppose you are heading a business unit in India which are the points about statistics you will keep in mind for doing business profitably in other words what is the relevance of business statistics in you venture.

A: The basic objective with which Business Statistics is used for making inferences that is reaching a decision or conclusion and predictions and assumptions. In business, decision making is a very critical phase and is used in all the fields of business. The use of statistics makes comparisons and analysis easier which relatively quickens the decision-making process and also makes it a little easier. But using statistics the relationships of different variables can be studied. Statistics makes it possible to do what-if analysis. Regression analysis is used for studying the relationship between variables and the dependency of one upon the other. Research shows that the use of statistical models improves the decision making process. By using probabilities, different predictions can also be made in business

· Statistical skills enable to intelligently collect, analyze and interpret data relevant to their decision-making. Statistical concepts and statistical thinking enable them to:

-solve problems in a diversity of contexts.

-add substance to decisions.

-reduce guesswork.

It is always better to use the concepts which are already used so that it is very easy to to the head making the business profitable and a slight innovation or advancement is needed in order to prevent the idea from carbon copy.

The use of statistics is a comparison and hence comparison plays a vital role.

When a business is statistically implemented the flaws are reduced because it solves the problem very easily it helps making proper decision and reduces redundancy.

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