Changing Role of Use of Statistical Data in Managing Business Operations to Improve Decision Making

Purpose - The business operations have become highly complex in the current business scenario due to the impact of the continuous changing environment. The current research is conducted to analyze the changing role of the use of statistical data in managing business operations to improve decision making. The research paper focuses on exploring the effectiveness of statistical information that will lead to improve the efficiency of the business. Research methodology - The research project uses the qualitative analysis conducted through secondary sources books and journals. The use of existing study material provides justification to the research questions. The choice of reliable and authentic sources has been considered to conduct the entire research. The paper basically aims to develop effective understanding of managing the statistical information in the organization . Therefore, studies of different authors have been considered to conduct the overall review. Findings - The research reflects the effectiveness of operation research in improving business efficiency. The statistical analysis enables the business to assess and analyze their business performance in the market. The management within the business also take major decisions on the basis of statistical data and not based on the assumptions. Conclusion - The report states that operational research is an effective method of conducting business planning and risk management. It provides a true and fair picture of the business operations and positioning so that plans support in making necessary improvement