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Businesses widely use statistics, which involves the collection, analysis, and interpretation of numerical data. Business statistics methods are applicable in various fields, including the public and private sectors, health and medical fields, and business management. This process includes collecting, classifying, summarizing, organizing, analyzing, and interpreting data.
Business statistics is primarily used to create a database for collecting information on objects, population, and other significant data in a prescribed format. It employs data analysis tools and applies them to business. The discipline is used in multiple business areas such as banking, finance, marketing research, production processes, the stock market, and econometrics.
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