Business statistics is a scientific approach to decision-making in the face of risk and is used in many disciplines, such as financial analysis, econometrics, auditing, production and operations, and marketing research. The main objective of business statistics is to make inferences about certain characteristics of a population based on information contained in a random sample from the entire population.
Statistical forecasting concentrates on using the past to predict the future by identifying trends, patterns and business drives within the data to develop a forecast. This forecast is referred to as a statistical forecast because it uses mathematical formulas to identify the patterns and trends while testing the results for mathematical reasonableness and confidence. Statistical forecasting is used for forecasting sales and budget.
Using statistics in decision-making eliminates business risks
a.True
b.False
