Statistics for business, economics and management

INTRODUCTION'Statistics' play a major role in business and managerial decision-making. Many people use the term 'statistics' in the sense of statistical data. Examples of such data include Gross Domestic Product, the current account deficit, the level of unemployment, the rate of inflation, and the exchange rate between the Australian and United States dollars.Others use the term 'statistics' when referring to a host of statistical or quantitative techniques with which data can be analysed to provide information which will aid managerial decision-making. As daunting as the task may seem, a study of quantitative methods promises major benefits to decision-makers in industry and government, preparing for the push towards the year 2000 and beyond. n n n