Importance Of Statistics In Business

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Business:
For me business is anything which makes things happen.
Business is an Economic activity of producing goods or servives and sell them for money( the means of trading).Its aim is to provide society what they want and thus ,satisfy their needs and earn profits.
To do business two things are important;
1) To have some sort of investment
2)and customers to sold your output to make profits.

Characteristics OF buisness:

business creates utilities in terms of goods and services to satisfy human wants.
Exhange of goos and services for money .
The aim of business is to earn profits.
The element of risk(uncertainty) the lack of knowledge about future uneven events.

Every business requires some form of investment and enough customers to whom its output can be sold on a consistent basis in order to make a profit.
Importance Of Statistics In Industry and In Business:-

Statistics cab be define as a basic tool to grasp or to handle daily life matters ,in small or big industries.It help us to maintain data which is of great importance for an organisation like analysis of its capital,pr...

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