Posted on: January 29, 2018

Why Learning Statistics is Important

Why Learning Statistics is Important
Dr. Zelalem Chala

In the contemporary competitive environment, the importance of Statistics is paramount in magnitude. Qualitative and quantitative data analysis are crucial to make quick and accurate business decisions. Statistical analysis help firms to determine what consumers want, therefore, managers can decide which and how much products and or services they can supply to markets.

Input-output correlation and regression analysis helps managers to make wise business decisions on goods and services costs, prices and profit margins.  Statistics is the best analytical tool in selecting optimum business locations, least-cost supply-chain arrangements and productive human and capital resource allocations.

In order to make all these competitive managerial decisions, employers are actively searching and willing to pay lucratively for business professionals with demonstrative skills of statistics. At VIU Business School, we are always striving to make our graduates statistics savvy so that they become competitive in the US and global labor markets.