Business Statistics

Richard Lide gained a deep appreciation for statistics when he studied business at North Carolina Agricultural and Technical State University.

Informed by relevant statistics, he is able to make sound business decisions. There is no such thing as a sure bet in business, but the right stats can take a lot of the guesswork out the decision-making process. If it has to do with market analysis, financial analysis, or auditing, there are going to be statistics that illuminate the issue.

Statistics play a role in virtually every aspect of business, at one time or another. Managers collect data about employee performance, for example, and can analyze it to find ways to improve productivity. Statistics also enable managers to compare different scenarios and make informed decisions about the best available options.

But the collection of data for use in statistics only works if you take a logical approach. You might use statistics to find out whether sales levels compare favorable from one quarter to the next, or whether they are meeting (or even close to) projected sales. Once the numbers have been crunched, you can make a determination about the best allocation of available resources.

Richard Lide relies on business statistics to help him make sound business decisions for his various enterprises.