Statistics is the science and art of studying data. It mostly involves activities such as collection of data, analysis and finally the interpretation of the collected data. Statistics aid in effective communication of the results realized from the data collected, analyzed and interpreted in a meaningful way (Cornell University, 2016). The presentation of the statistical results is made flexible and efficient by the statistics because it documents all activities involved in coming up with the final results. Statistics reasoning is necessary for the decision-making process and might help the undergraduate students who are pursuing courses in business degree in making important decisions in businesses classes as well as in their occupation.
In entrepreneurship, statistics help in the collection of data and information concerning the current status of markets and the problem that are affecting those businesses. By the aid of the information collected, a statistician can analyze and interpret it, coming up with an effective solution that can be used to curb the problem hindering efficient running of business activities. Statistics can also help in identification of market gap, thereby, helping the entrepreneurs to take chances to come with new business ideas that can fill that market gaps. The statistics done on businesses can also assist the entrepreneur in the identification of risk and losses that might occur due to different factors that affect that area (Cornell University, 2016). All business degree seeking students are potential entrepreneurs, therefore, they need a background in statistics. It is paramount to encourage learning institutions such as University to make statistics as a compulsory unit for those who are willing to take a degree course in business.
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Statistics is an inevitable aspect of business processes such as budgeting, preparation of taxes, data mining and preparation of proposals. These business processes are mostly applicable in both large scale and small scale businesses (Cornell University, 2016). Decision-making process relies on data sampling and analysis for a business to achieve its objectives and goals. Data sampling and analysis also help in creating business ventures and realization of what is supposed to be done on existing business to maximize profits and reduce the production costs. Those undergraduates who graduate which statistics have skills to budget, prepare proposals, data sampling and analysis of data and environment which may enhance their career subject in business.
The statistics measure performance in business. Most companies in the world use the aspect of statistics to measure their strengths or weaknesses, measure their level of competitiveness and factors that lower their performance. Business statistics involve math, management and market research which is part of the decision-making process in business sphere. Graduates with business courses and skill set of statistics can view business in a different perspective.
Statistics encourage teamwork. This is because it helps in working and solving problems as a group. Working as a team is useful in that it bring a pool of different skills and talents to tackle a given business issue. Therefore, coming up with an effective solution that can be permanent. Teamwork will assist a member to gain different skills from the other group members. Statisticians have the ability to work as a team, so this will help them in conducting group projects within the University (Cornell University, 2016). These groups might come up with solutions that need to be implemented to solve problems facing that institution.
Having knowledge in statistics will help the students in efficiently conducting research. Statistics is a critical subject as without it students will face more problems in providing decisions based the data gathered for a project. Statistics help in acquiring reasoning and logic skills that help individual students to solve research problems that could otherwise have taken them a lot of resources and time to address. Familiarity with statistical tools facilitates the analysis of raw data thereby helping students to deduce information that results in educated decisions (Cornell University, 2016). Nevertheless, it paramount for researchers in the business sphere to comprehend the type of research the want to utilize before collecting data. If not, the researcher might gather data that is not inferable. Such cases will result in loss of funds, time and data.
The most advanced business degree requires specific additional statistics and math. This has led to a most high-level financial degree requiring advanced calculus courses. A student who graduated with business course might fail to secure job opportunity. This forces them to go back to school to study statistics and math. Statistics may aid in making a positive impact on a person who is taking another program in the university such in business degree courses. Those who are studying business course but they have an additional statistics skill set in demand. This is because very many sectors globally are demanding those people with statistics skills for analyses of their data, collecting the data about their industry on different fields and interpreting that data for the decision-making process and future planning of business.
In conclusion, graduate with statistics skill can be placed at the market level either as self-employed or professional employees to run the firms. Insurance companies mostly employee those who have an additional advantage, and therefore, statistics background can make students have an advantage in the job market. Statistics helps in gaining other skills such as communication skills, learning skills, development of interpersonal abilities and the enhancement of critical thinking. Learning institutions need to encourage business students to take a statistics course before they graduate to increase their marketability.
References
Cornell University. (2016). Topic #2: Why Study Statistics? Retrieved from http://lsc.cornell.edu/wp-content/uploads/2016/01/Why-study-statistics.pdf
