Business statistics: The word “Statistics

The word “Statistics” has been derive from the Latin word “Status” or Italian word “Statista” or German word “Statistika”. Each of these words means Political State. Initially, Statistics was used to collect the information of the people of the state about their income, health, illiteracy and wealth etc. But now a day, Statistics has become an important subject having useful application in various fields in day to day life. Explore what is business statistics in this comprehensive blog, covering its definition, types, importance, applications, and limitations. Factors responsible for development of Statistics in Modern times: Increased demand for statistics: In the present century considerable development has taken place in the field of Business and commerce, Governmental activities and Science. Statistics helps in formulating suitable policies. Learn about business statistics, including different types and how you might use each one within professional contexts. Plus, find out the advantages and limitations to keep in mind to ensure you get the most out of your insights.