For the past decades, statistics are applying a very important role in many fields including Public and Private sectors, Health and Medical related fields, Business Management, Quality Control, Insurance sectors, and so on. In particular, it plays an important role in deciding on the current level of per capita income, growth rate of population, unemployment rate, labor productivity and costs, import / export price indexes, etc., in a country. Applied statistics dealt with the application of formulas, rules and theorems derived in the area of statistics to various disciplines, such as business management and clinical research studies. The process of applying formulas, rules, and theorems derived from theoretical statistics for the business data is termed as Business Statistics.

According to the definition of statistics, the classification of subject matter in the field of statistics can be displayed as shown in the following figure:
 

A successful businessman should take an optimal decision within a specified or desired time period. Since any businessmen know about his customers’ expectation, he should know about the product type and number of such products to be produced for sales.  In this situation, the statistics tools would help the businessman in production planning and quality maintenance by randomly checking the products for quality assurance. Moreover, all the activities of a businessman are mainly based on the information obtained by the results of statistical analysis. Using such results of the analysis, the businessman can take right decision about certain factors such as location of their new business outlets, way of marketing of their products, resources to be approached for getting financial assistance and etc.

Business Statistics Assignment Help

Tutorhelpdesk offers homework and assignment help in business statistics topics and concepts starting from foundation level to advanced level. We assist in probability theory, statistical data analysis, hypothesis testing, regression analysis etc . Our business statistics homework helps to learn statistics for decision making under uncertain conditions. our approach is to combine statistical methods and concepts with managerial thinking for effective decision making