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From Business Statistics
Weighted mean is used when items have different importance.
(Any three points can be written.)
Central Limit Theorem (CLT) in brief:
Thus, CLT supports many statistical methods used in business.
Business statistics is the application of statistical methods to business problems. It helps convert raw data into useful information for planning, decision making, forecasting and control.
Meaning: Statistics (singular) is the science of collecting, organizing, presenting, analyzing and interpreting data. In business, it is used to study sales, costs, profits, customer preferences, production defects and market trends.
Scope of business statistics includes:
For example, a company can use statistics to analyze monthly sales data, calculate average sales, measure variation, and forecast demand for the next quarter.
Thus, business statistics provides a scientific base for managerial decisions in uncertain situations.