Function of Statistics

 Statistics is the study of facts,figure, data to perform the function of business by effective, efficient way to achieve the goal of organization.

Its scope is very wide. It may use in the area of Mathematics, Economics, Accounts, etc.The function of Statistics is very wide. Some important functions are as below-

1.It helps to collect analyse facts figure data to make proper planning.

2.It helps optimum utilisation of resource.

3.It helps to forecast natural phenomenon.

4.It helps to present complex data into tabular, diagrammatic and graphic form and use it.

5.It helps to formulate and testing of Hypothesis.

6.It helps us to make policy,rules, regulation to perform the function of organization by proper way.

7.It minimise the uncertainty of future by the technique of Regression,Time Series method. 

8.It reduces the complexity of data and change it into meaningful information.

9.It also helps in Project making.

10.It helps us in Demand forcasteing.

11.It helps us to supply the product or service to Retailers,Wholeseller.

12.It helps us proper,geniune pricing.

13.It helps us to store product.

14.It makes production of organization smooth.

15.It helps to profit maximization.