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Statistics is the science of data collection, presentation, analysis and interpretation. It is used to offer information about given data in order enable decision-making. Statistics plays a vital role in Business. Business is full of uncertainty and in order to make business decisions, data analysis has to be involved. Business statistics therefore is the science of decision-making under uncertainty. The data can be obtained from customers, opinion polls, sales and demand databases, census and population databases. Business statistics is mostly applied in banking, econometrics, stock market, finance, quality control and marketing research. However, it is important to note that in order to make sound decision, the data collected has to be relevant and the statistical tools applied for the analysis be appropriate.
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