Why Use Statistical Tools in Business?

Statistical tools enable managers to make highly-informed decisions.

Statistics enable management to make informed, intelligent and sometimes predictive decisions, but statistical analysis is a complex science. Companies require highly-developed specialized tools to make sense of business statistics.

Quality

Quality practices like Six Sigma use statistics to identify waste, defects and opportunities for improvement. The Six Sigma process of design/measure/analyze/improve/control (DMAIC) makes continuing use of statistical tools.

Human Resources

Statistical tools help human resource managers to identify and analyze trends in absenteeism, turnover and productivity, as well as gauge employee satisfaction.

Marketing

Market researchers use statistical tools to identify rising or faltering market segments and also to measure the effectiveness of marketing efforts (for example, the ongoing return on investment in trade shows and advertising).

Operations

Operations managers use statistical tools to predict manpower requirements based on seasonal trends and trends in sales.

Providers

SAS Institute, SPSS, Microsoft and Minitab are a few statistical analysis tool providers that focus upon business applications.

References

• Stata.com: Statistical Analysis Providers
• "Applied Business Statistics: Methods and Excel-based Applications;" Trevor Wegner; 2007
• "Project Management: A Systems Approach to Planning, Scheduling, and Controlling;" Harold Kurzner; 2009