Statistics is a very broad discipline that is defined as “the collection of informative data. interpreting these data and drawing conclusions about a phenomenon under study”. Statistics has been perceived to be a technical subject since it is thought to involve the analysis of heavy computations. Whichever way one looks at it. statistics is a veiy crucial discipline that cuts across all manner of disciplines. Therefore. being a part and parcel of most areas of academia it is imperative for us to find a way to identify with this critical discipline.
However many do not realize how important statistics is to specific aspects of life. This paper Will look at the role statistics plays in our personal lives. grocery store business and why an understanding of general statistical concepts is instrumental for MBA students. Before the establishment of a grocery store site location is necessary in order to capture a reasonable size of the market share. Statistical data about population figures and retail census help grocery stores to make a speculative estimate for the market share and the number of possible sales in a particular location.
Moreover, statistical census data is necessary for gauging the level of competition from other similar enterprises planning the amount and type of groceries to avail for the customers. marketing of the groceries and expanding the grocery stores to other viable locations. In social living. statistics is essential in adding credibility to a piece of advice or argument one may provide. Further statistical data on the cost of living index is important in budgeting at home as it informs the consumers on how to readjust according to the rising cost of living index.
More often than not it has been said that MBA students find it mind-boggling to study a subject like statistics. Instead, they identify more With approachable subjects like marketing, finance and strategy. Still others claim that they are repugnant to a subject like statistics since it requires much intellectual rigor.
Whether this is the case or not. it is crucial that MBA students comprehend general statistical concepts. One of the characteristics of MBA students is that they come from a vast array of professionalism. As has been noted above statistics is essential in most professions and is critical in the productive decision-making process in virtually all disciplines. Therefore MBA students stand at a vantage point since as future business administrators they will be obligated to influence or make the final decisions which are more often than not contingent on statistical data presentations. Furthermore by Virtue of pursuing a Master of Business Administration Degree MBA students are leveraged in setting up their own businesses and leading a corporation. Besides MBA students are spemalized in subject areas like accounting. economics. marketing preject management operations management and strategy.
Integration of these subjects and how they relate enhances the understanding of the MBA student with regard to these players in the business arena. The link between these subjects can be made possible Via statistically analyzed data. For instance previously accounted data. prevailing economical statistical data can be very instrumental in directing the marketing and project management strategies in an institution. In addition the knowledge obtained in statistics Will help the MBA student to initiate businesses and expand them after an understanding of the relevant statistical data. Last but not list. MBA students Will benefit from statistics as it will help them get a clear picture of the efficiency and effectiveness of an enterprise or organization courtesy to statistical data presentations. Consequently arriving at a decision to improve productivity Will be done quickly and precisely.