Statistics are an important tool for running a business effectively. The tools of statistics can assist accountants with more effectively performing their job. Accounting is the process of collecting, measuring, analyzing and communicating information to aid decision making within business and other organizations. Statistics enables the business managers to analyze the data and arrive at meaningful conclusions. Statistical analysis allows businesses to deal with the uncertainties of the business. Statistics is concerned with the drawing of objective conclusions from investigations where outcomes are subject to uncertainty or variability.
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