Statistics Are a Startups Best Friend
Numbers. Numbers. Numbers. For most startups or businesses in general, numbers are the backbone of operations. Sales numbers. Inventory numbers. Order numbers. Profit numbers. But none of these numbers mean much on their own. In fact, they only bring value to your business after thorough analysis. But the question becomes, whether a tool that can be used for data analysis that is also understandable and accessible even exists.
Enter statistics. As the study and analysis of data to make inferences, statistics is the perfect tool for any startup to use as the basis of strategic decisions. The reality is that resources are limited for most startups, and becoming well-versed in statistics will allow your organization to make data-backed decisions without the hefty price tag of consultants.
While statistics can be applied to almost any aspect of a business the most important and statistically relevant aspects of business are decision making.
Decision Testing
Cost-benefit analysis is one of the primary economic principles taught in every basic business class. It requires systematic comparisons of the benefits and rewards of a decision to determine which decision will produce the best results for an organization. However, it’s often difficult to see how much greater the benefits will be for one…
