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What are some of the applications of statistical concepts in the business world?
in Statistics Questions by Diamond (40.2k points) | 15 views

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A statistical concept is a statistical characteristic of a time series or an observation. Statistics is used for making sales projections, financial analysis of capital expenditure projects, constructing profit projections for a new product, setting up production quantities, and making a sampling analysis to determine the quality of a product.  Statistics provides information to the business which help in making critical decisions by use of statistical data and powerful statistical techniques of probability, expectations, sampling, significance test, estimation theory, forecasting, etc.
by Wooden (2.3k points)

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