3 Main Benefits of Statistics in Business

by | Oct 26, 2021 | Business

Statistics is not an easy subject for many people, especially those who are not gurus. However, statistics is a subject that you can learn easily with a little time, effort, and determination. If you want to learn statistics and love working with numbers and (what-if) scenarios, then statistics courses in NYC could be the solution you have been looking for. Below are some of the main reasons why you should consider taking a course on statistics.

  1. Performance Management

There are several applications of statistics in business, such as management of performance. For example, a manager will collect data concerning the productivity of employees such as the number of units produced or tasks completed. The manager will then have to analyze the data collected in order to find out in what way an employee should improve in order to achieve maximum productivity. All of the numbers will tie together to give them the statistical information they are looking for.

  1. Alternative Scenarios

Apart from managing employee performance, a manager also participates in making decisions together with the other managers. Statistics will help the manager to be able to compare alternative scenarios and decide which the best option for the company is. For example, if a company is considering automating customer ordering processes and has a list of software to choose from, the team can decide to collect performance data from independent sources or software makers to help them identify the best software for the company.

  1. Development and Research

A company can also use statistics in product development and market research. For example, a manager can carry out surveys to help determine if there is enough demand among the targeted consumers. Results of the survey might justify spending on developing the products.

At Principal Analytics Prep, we offer professional statistics courses in NYC. Sign up today.

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