Statistics, data management, and data manipulation are important to future business professionals because it allows them to view such things as profits, customer satisfaction, projected completion dates of products, customer preferences, market trends, and the list goes on and on. Statistical data can inform business leaders about how their companies perform, the effectiveness of their business operations and information about their customers (Hall, 2017).
An example of a business using statistical data to make a business decision would be when it is trying to determine whether or not a particular product will sell in a certain part of the country. They would need to collect data from multiple sources to make the determination of whether or not to produce and sell their product and in which areas to market it. This is much the same as the example given in the text about big-box stores such as Target, Wal-Mart, and Kroger using data taken from daily sales in all of their stores to make marketing decisions (Lind, 2015).
Statistics is included in college curriculums because it is used in all business environments to make the majority of decisions. Businesses must now use any and all resources that they have available to them in order to maintain and grow their organizations. Businesses can no long rely on instinct and intuition to make decisions. Another reason that statistics is included in the college curriculum is that statistical data is used in our everyday lives as well. For example, we research statistical data when shopping for a new car, a new home, or even which college to attend.
Douglas A. Lind, W. G. (2015). Statistical techniques in business & economics. New York: McGraw-Hill Education.
Hall, S. (2017). Importance of statistics to industry and business. Retrieved from Chron: http://work.chron.com/importance-statistics-industry-business-16748.html.
How important is statistics data management, and data manipulation to future business professionals? Why do you think this content is covered in your curriculum? Please give examples.
The major driver of the requirement for statistics knowledge is the technology available for capturing data. Data management and data manipulation to future business professionals is so important because data cannot be eliminated. Data facts and statistics is a collection of useful data used to determine and perform an analysis on a specific item or source. For every organization or business that use statistic is normally using this method to transform data into useful information in order to make reasonable and better decisions. Statistics is useful in the decision-making process for any professional that may require a quick analysis, such as determining if one particular item is selling more than another as a main source of validation.
Statistics is covered in the course curriculum to prepare students on how to actively collect data from any source to make better choices as future business professionals. Statistics are helpful for both professional and personal use. As a student statistic is also useful knowledge in understanding the world and how it would be conversant in an individual career to make professional and personal decisions when there is uncertainty.
Examples of statistics can include inflation. Inflation for a 12-month calendar year, statistic could be used to determine the past year inflation with the current year observations. Since inflation is a measurement of the rise in the average price of all goods and services in the economy, therefore someone would be responsible to go out a collect all of the data to determine rather inflation is higher or lower.
Another example would be very useful for a student when collecting data and applying those statistics found to determine an overall GPA score or to perhaps be admitted in a particular University. For a student determining your GPA would also useful when acquiring a new job. Now in modern days’ jobs require students to obtain a certain GPA score to apply for certain position as well as to be considered for some available positions
The third example could be someone that is looking for a new car, but would like to stay within a certain budget. Therefore, for example comparing data between a Lexus and Infinity, statistic could be used to determine which vehicle would have a better mileage per gallon (MPG). Statistics is basically used as a determining factor to evaluate which product would be better to alleviate any uncertainty, whether to determine overall sells trends, population or even voting polls, such as presidential elections and anything that contains collectable data.
Douglas A. Lind, W. G. (2015). Statistical Techniques in Business & Economics Sixteeth Edition. McGraw Hill.