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Different Aspects of Statistics - Research Paper Example

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Running Head: ABBREVIATED TITLE OF YOUR CHOICE (all caps) Demand Forecasting The role of statistics in every aspect of human life is very important. Such an importance is increased especially in commencement of the business…
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Download file to see previous pages man about his likes and dislikes. For these different methods of statistics like sampling, probability, index numbers and others are used. Different aspects of statistics There are various aspects of statistics that are used in the business and cover different areas. All those aspects differ in their use and application. From policy making to administration and from raw material to the final production and sales, from demand forecasting to the supply of the product, statistical methods are required in every kind of business. However, the fact cannot be denied that there are certain limitations of statistics as well where it cannot work however in most of the cases the use of statistics has been made possible by the renowned statisticians and policy makers. Statistics is not only used by the private entrepreneurs but also by the government entities in formulating the policies. Those include both the short term and long term policies. (Keller, 2008) Demand forecasting Demand forecasting is an analysis about the demand of a specific product in a given locality. Many factors likewise per capital income and economic condition of the country and similar others are considered before forecasting the demand. This is mainly done by the sales and marketing departments of the entity. This enables the production department to work more effectively. The due care must be taken before doing such a forecast because if it is underestimated it means the company has lost its sales and if it is over estimated this can result in waste of resources. Therefore it is recommended that demand forecasting must be done by specialists after reviewing all the necessary information available with them. Though the forecasting is very difficult and seems impossible however if information available with the forecasters is accurate and also they possess the required skills they may forecast the demand up to almost accurate level. This makes the company competitive in the market and helps in better provision of services and meets the real demand of the market. Some unusual factors like seasonal changes, promotional schemes and discount for valued customers may also cause an error in accurate forecasting of demand as these would attract more customers. All such factors should also be considered before collecting any kind of data. Concept of demand forecasting can better be understood by the following example. (Keller, 2008) Example: The demand for a product in each of the last five months is shown below. Month 1 2 3 4 5 6 7 Demand 10 13 18 27 29 26 20 We can see that demand for a specific product is increasing slowly for the first three months but there is a sudden increase in the demand in the 4th month. This may be because many factors like seasonal change, a promotional scheme or some other however demand starts decreasing from the 6th month. At the time of forecasting demand professionals consider all the factors that what would be the demand of the product in a particular time. Decision makers then use different kinds of statistical methods which are ...Download file to see next pagesRead More
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