Statistical thinking as applied in the company embraces deep thinking before calculating variables in the organization. Statistical tools are used in companies to calculate and come up with workable variables through which a company gauges performance. The tools calculate profits and losses with a strong reference to available assets. Statistical research is used in determining an organization’s goals and objectives. The findings from research also impacts on project execution and completion. This is because the basis of starting a business is to maximize profit while increasing business assets. Utilization of statistical business tools increases global competitiveness since the company is able to measure their level of production. Statistical tools also improve marketing and sales of finished company products. Businesses seek to increase productivity through application of all tools.
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