Understanding Business Statistics: Meaning, Importance, and Limitations
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Questions and Answers

What is the primary focus of business statistics?

  • Studying geological formations
  • Forecasting stock market trends
  • Examining financial data (correct)
  • Analyzing consumer behavior

    • What is a key limitation of statistics?

  • Limited application in business
  • Difficulty in collecting data
  • Complex mathematical calculations involved
  • Inability to represent real-life situations (correct)

    • In which way does statistics find application in other subjects?

  • Assessing educational outcomes (correct)
  • Predicting weather patterns
  • Analyzing historical events
  • Understanding biological processes

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