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04/02/2012 - 05/02/2012: Fundamentals of Business Statistics: Turning data into information

Statistics are used by all industries and businesses as a standardized approach for presenting data in a meaningful format. Statistics can be used to measure historical performance and to forecast future targets. For business managers and leaders, statistics may provide insight into how business units are performing relative to organizational goals and objectives.

Statistics can also forecast future trends and may be used in all areas of trade and commerce. Business initiatives may be altered to improve organizational performance based on feedback from statistical studies. Advertising companies use statistics to assess target markets and formulate campaigns. Marketers use statistics to identify opportunities for business development.

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