A Comprehensive Guide to Business Statistics In 2024
Business statistics refers to using a different data tool from statistics and its use in a business setting. There are two types of business statistics used.
One is descriptive statistics and two are inferential statistics. Descriptive statistics are used to describe a class of data points and inferential statistics are used to analyze a data set.
Generally, Businesses use these to know their profitability and understand how much they need to invest in diversifying revenue