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It helps to make good decisions by providing useful information about the customer. It also helps in trends and variations, cost customers trends and variations, price customer trends and variations, etc.
It performs a vital role in economics. Economics mostly depends on statistics. In economics, statistical methods are utilized for collecting and analysis the material. The statistical system also studies the relationship between data and demands. These are the problems which require good knowledge of statistics.
Statistics is a section of related mathematics. A high number of the statistical system like probability averages, dispersions, estimation, etc ..is utilized in mathematics. It is also used in the different methods of mathematics like integration, differentiation used in statistics. Thus statistics and mathematics are related to each other.
It performs a vital role in banking. The banks make use of statistics for a number of purposes. The bankers use statistical proceed towards to numbers of clients.
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