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Business statistics takes the data analysis tools from elementary statistics and applies them to business. For example, estimating the probability of a defect coming off a factory line, or seeing where sales are headed in the future. Many of the tools used in business statistics are built on ones you’ve probably already come across in basic math: mean, mode and median, bar graphs and the bell curve, and basic probability. Hypothesis testing (where you test out an idea) and regression analysis (fitting data to an equation) builds on this foundation
Statistic tools can be applied in a variety of spheres including business. Whether it is manufacturing, trade or providing services...
Personally, we are currently working on a simple project, which is proposed to establish statistics system to assist top mangement. CEO of an education center, (providing services), wants to imporve its process management. Whatever, method they choose, whether it is lean production, six sigma or the theory of constraints, they will need some well established statistics system to find room where mangement can work on to improve, first of all. Even after they implement some solutions to the identified problems or take an action to use pssibilities for improvements, the need for statistics remain, as they are interested to measure the results of their actions and remain competitive.
So, these simple and basic statistics, from collecting data to reporting, applied in business environment is business statistics itself...
I think, business statistics is an integral part of managerial accounting. Any business without proper manegrial accounting is like a man driving with closed eyes on highway...
