IMPORTANCE OF STATISTICS IN BUSINESS

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There are 3 major functions in any commerce within which the applied mathematics methods ar helpful. These are as follows:

(i) the design of operations: this might relate to either special comes or to the reverent activities of a firm over a mere amount.

(ii) The putting in of standards: this might relate to the dimensions of employment,volume of sales, fixation of quality norms for the factory-made product,norms for the daily output, then forth.
(iii) The operate of control: This involves comparison of actual production
achieved against the norm or target set earlier. just in case the assembly has fallen wanting the target, it provides remedial measures so such a deficiency does not occur once more.

LIMITATIONS OF STATISTICS-

 Statistics incorporates a variety of limitations, pertinent among them square measure as follows:
(i) There square measure bound phenomena or ideas wherever statistics can't be used. This is as a result of these phenomena or ideas aren't amenable to measure.For example, beauty, intelligence, bravery can't be quantified. Statistics has no place all told such cases wherever quantification isn't doable.
(ii) Statistics reveal the typical behavior, the traditional or the final trend. An application of the 'average' construct if applied to a personal or a specific situation might cause a wrong conclusion and generally is also fatal.
For example, one is also misguided once told that the typical depth of a
river from one bank to the opposite is four feet, once there is also some points in between wherever its depth is way quite four feet. On this understanding, one may enter those points having bigger depth, which can be unsafe.
(iii) Since statistics square measure collected for a specific purpose, such information might not be relevant or helpful in different things or cases. as an example, secondary information (i.e., information originally collected by somebody else) might not be helpful for the opposite person.
(iv) Statistics aren't a hundred per cent precise as is arithmetic or business.Those who use statistics ought to remember of this limitation.
(v) In applied math surveys, sampling is usually used because it isn't physically doable to cover all the units or components comprising the universe. The results might not be acceptable as so much because the universe cares. Moreover, completely different surveys based on a similar size of sample however completely different sample units might yield different results.

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