EXPLICATING THE IMPORTANCE OF STATISTICAL ANALYSIS IN MANAGEMENT RESEARCH

Abstract

Statisticians have devised many tools for application and these are available to be utilized for general business improvement and industrial problem solving. However, there is a wide gap between the available tools and what are practiced in Commerce, Management, Accounting and industrial organizations. Thus it is important for statisticians to direct serious attention to bridging this gap if statistics is to be relevant particularly in Accounting and commerce and to the society at large. Current research endeavor is aimed to fulfill this grasp difference between utilization and applicability with present scenario of statistics in accounting and commerce. Current research paper is exploratory in nature and based on secondary research methodology. Data is collected from various Journals, books, Websites, Audit reports, and published data in any source. Research highlights the importance of statistics in accounting which mostly involves basic arithmetic, but when it comes to creating accounting reports, statistics plays a key role. Statistics is also used in accounting to create projections for the upcoming fiscal year. Much of economics depends on statistics. Economists use statistics to collect information, analyze data, and test hypotheses. Relationships between supply and demand and imports and exports are found using statistical information