Statistics in Business Research Paper Example | Topics and Well Written Essays - 250 words

Statistics in Business - Research Paper ExampleBusinesses come crosswise multiple investment options at any given time. Each investment option provides numerous guess-reward outcomes. It becomes central for a decision maker to make a correct choice and statistical tools come accomplished there to make the most appropriate choice based on the company or risk takers temperament.The demographic changes and distributions are important for a trafficker to make any marketing decisions. By studying demographic changes and making necessary inferences with regard to age, gender, income levels and many other socio-economic factors about its potential customers, the marketer chooses its target market and set its product pricing so as to maximize companys revenue. The marketer involve not only relevant data but they need to organize those data in much(prenominal) a fashion that it could provide meaningful answers to the business questions raised.Insurance business too uses statistical tool s in solving business problems. Insurance business largely deals with uncertainties and yet decisions such as premium rank calculation, agent attrition and productivity rates are calculated purely based on statistical