how can statistical tools be valuable to a business?

Answer 1

There are lots of applications for which statistical tools simple ones like Microsoft Excel or complicated statistical programmings in SAS.

In a simple example:
You can enter costs for goods sold and identify where opportunities for savings are.

In more sophisticated usage:
Car insurance companies collect a lot of personal data on individuals, like income, education, credit history etc. They feed the data through statistical tools to find patterns. Like it or not, they claim people who has low credit rating are more likely to be in accidents and therefore the insurance company will charge policy holder with low credit rating a higher preimium.

Best wishes.

Answer 2

there are a number of purposes for which statistical strategies undemanding ones like Microsoft Excel or complicated statistical programmings in SAS. In an hassle-free occasion: you may enter expenses for products offered and % out the place opportunities for decrease cost expenses are. in greater state-of-the-paintings utilization: vehicle coverage companies convey mutually rather some own archives on persons, like earnings, coaching, credit historic past etc. They feed the archives with the aid of statistical hassle-free strategies to discover kinds. like it or no longer, they declare people who has very undesirable credit status are plenty greater possibly to be in injuries and consequently the coverage enterprise will fee coverage holder with very undesirable credit status an more desirable preimium.