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Assignment No.1
Submitted by:
Gemon Kurian 11KJM113 Kristu Jayanti College Department of Management & Technology
1. In Planning: Planning is necessary for efficient workmanship and in formulating future policies. Statistics provides the valued interpretation of facts and figures relevant to planning. Planning depends on forecasting the future. Statistics provides the necessary tools of estimation and forecasting. So statistics is indispensable in planning. 2. In Business: Statistical knowledge is very helpful to the businessman. He formulates different plans and policies using statistics. It helps him in forecasting the future trends and tendencies. To estimate the market fluctuations, changes in the demand conditions etc. statistical techniques are often used. Hence for becoming a successful businessman, ideas in statistics are essential. 3. In Administration: In ancient times statistics was used as the science of statecraft. It was used to collect data relating to manpower, crimes, income etc. for formulating different policies. In modem times, its role has become manifold. It has become indispensable for the administrators. It is being widely used formulating and forecasting different plans and policies of the state administration.
Focusing on Big Picture Statistical analysis of a representative group of consumers can provide a reasonably accurate, cost-effective snapshot of the market with faster and cheaper statistics than attempting a census of very single customer a company may ever deal with. The statistics can also afford leadership an unbiased outlook of the market, to avoid building strategy on uncorroborated presuppositions. Backing Judgments Statistics back up assertions. Leaders can find themselves backed into a corner when persuading people to move in a direction or take a risk based on unsubstantiated opinions. Statistics can provide objective goals with stand-alone figures as well as hard evidence to substantiate positions or provide a level of certainty to directions to take the company.