This document discusses the scope and importance of statistics in business. It defines statistics as a form of mathematical analysis that uses quantified models and representations of experimental data or real-life studies. It outlines some main tools of statistics like mean, median, and mode. It also discusses how statistics are systematically arranged and numerically expressed for a predetermined purpose. Finally, it explores the scope and applications of statistics in various areas of business including marketing, sales, production, finance, and others.

1. Department of Business Administration (2019-20)
SupervisorName:- PROF.JOVITaMATHEW
TOPIC:
SCOPEOFSTATISTICSINBUSINESS

2. What Is Statistics ?
Statistics is a form of mathematical analysis
that uses quantified models,
representations for a given set of
experimental data or real-life studies.

3. MainTOOLSOF STATISTICS
•MEAN
•MEDIAN
•MODE

4. FEATURESOF STATISTICS
• Systematically Arranged
• Statistics are numerically expressed
• Systematically expressed
• Statistical Data Collected for a Pre
Determined Purpose

5. NEEDOF STATISTICS
•Obtain input to a research study
•Measure Performance
•Satisfy Curiosity

7. SCOPE OF STATISTICS business
MARKETING
 Timeandmotionstudies.
 Investmentanalysis.
 Futuredemandforecasting.
SALES.
 Demandanalysis.
 Salesforecasting

8. PRODUCTION
 Technology selection.
 Quality control.
 Time schedules for manufacturing and
distribution
FINANCE.
 Analysis of income and expenditure.
 Financial forecasting.
 Investment and risk analysis.
SCOPE OF STATISTICS

9. OTHER AREAS.
 Insurances.
 Medical science.
 Education.
 Accounting.
 Auditing.
SCOPE OF STATISTICS

10. Applications Of Statistics In Business

12. ROLEOFSTATISTICSINMANAGEMENTDECISIONS
•Marketing and Sales
•Production and Management
•Materials Management
•Personnel Management
•Research and development

13. CONCLUSION

14. SOURCES
https://bizfluent.com/about-6360783-importance-statistics-industry-
business.html
https://explorable.com/branches-of-statistics
https://www.quora.com/What-is-the-scope-of-statistics-in-business
https://www.reference.com/math/importance-statistics-business-
7bb737fb7b8cf1f1
http://www.economicsdiscussion.net/statistics/8-functions-of-statistics-
scope-and-importance/2325
https://blog.essaycorp.com/importance-of-statistics-in-business-
organization