Statistics in Business: Statistical methods are used by businessmen in making decisions, estimation and comparison of sales, production, export, import, etc. Also, in the business activities such as production, finance, sales, accounting, purchase, quality control, marketing, etc., statistical methods are extensively used. Statistical methods are used in forecasting the future trends and tendencies.
Statistics in Economics: Statistical methods are useful in understanding economic problems, formulating economic policies. Five-year plans, Savings, Taxation, Exports and Imports etc, and their progress are evaluated by statistical methods. Econometrics is a branch of statistics, which deals with the application of statistical methods in the field of Economics.
