![]() A bank works on the idea that someone will deposit their money and not withdraw all of it later on. The Role of Statistics in Bankingīanks use statistics for a great number of the services they offer. You can also use statistics in accounting to create projections for the next fiscal year. When balancing and checking accounts, exactness is very important, but when using those reports to decide how well the company is doing and the trends within the business. The Role of Statistics in AccountingĪccounting involves mostly basic arithmetic, but when it comes to creating accounting reports, statistics plays a key role. A good example of statistics and economics in the real world would be the Census Bureau and the information they collect and use to decide many other political items. The same can be said for figuring out the inflation rate, the per capita income, and even the national income account. Relationships between supply and demand and imports and exports are found using statistical information. Economists use statistics to collect information, analyze data, and test hypotheses. EXPLAIN AT LEAST TWO ORIGINAL STATISTICAL CALCULATIONS. FULLThere is an 80% chance that in a room full of 30 people that at least two people will share the same birthday.Īs you can see, some of these are basic mathematics skills you might remember from elementary school.Here are a few examples of statistics used in math: Using averages, dispersions, and estimation allows you to come up with conclusions that are closer to the real answer than just taking a wild guess. Much of math is based on probability and theories, and statistical methods help make those mathematical theories that much more accurate. You can find statistical techniques in integration, differentiation, and algebra, and you can find those in statistics as well. However, statistics is in more than just its own separate branch of math. It should seem obvious that statistics plays a key role in mathematics considering it’s a branch of applied mathematics. These are examples of marketing phrases that businesses will use to make their product sell. If you still don’t see the connection to statistics and business, check out this short list of examples: In fact, many business activities can be completed with statistics including deciding a new location, marketing the product, and estimating what the profit will be on a new product. Using statistics, you can plan the production according to what the customer likes and wants, and you can check the quality of the products far more efficiently with statistical methods. Statistics involves making decisions, and in the business world, you often have to make a quick decision then and there. However, if you haven’t gotten to that point yet, here’s some information on statistics in the business field. If you’re a business major, you’re familiar with the role statistics plays in your field. Learn everything from Probability & Statistics, then test your knowledge with 600+ practice questions | By Krista King Explore Course The Role of Statistics in Business ![]()
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