Statistics in Business

Statistics in Business

Christian Watson

QNT/275

07/20/15

Robert Robinson

Statistics in Business

Statistics is the practice of collecting and analyzing large quantities of data. The collection and analyzing of data in large amounts can be accomplished through a number of different ways including charts, graphs and also programs that are used to analyze data. A company may want to find out if its customers prefer one type of clothing compared to another and to accomplish this the company may choose to create a bar graph to compare and contrast the two.

At my place of business we rely on a statistics crunching system called the “High Touch” to collect and analyze past due customer accounts which makes it a lot easier for us to manage the accounts altogether. In business decision making statistics play a big role because it is very important for a company to be informed regarding what and how their customers choose to spend their money. Knowing the statistics of lets say the number of customers that are interested in electronics may prompt the business to expand their electronics department.

One way I know that statistics was used to solve an issue was at my place of employment when we had a issue on how to go about managing our sales data quickly without being totally dependent on manually written files. The company was able to do this by creating a program called the sales lead tool that tracks interested customers and also interested references of current customers in one place and it also keeps track of the different items that customers are buying so that we know exactly what the hot item is at the moment.

Another way statistics can help solve problems a business may be having is helping the business keep track of sales and inventory. Most businesses keep track of their sales through analysis of line graphs that show current sales and can also be used to predict future sales.