Why statistic is important for retailing business? Basically, we can use statistic to present business data, draw conclusions, make reliable forecasts about a business activities and to improve your business process.
Most people have misconception that statistic is math. But in reality, I will say it is a useful tool to help your overall business in identifying the pattern (such as buyer pattern). Statistic is an interesting subject. Frankly, I hate math but statistic subject impressed me a lots!
After attending “Understanding Retailing through Applied Statistics”, I have a better idea on how to read and analyse market environment through census report. From the census report, Steven Chong draw us the conclusion that the highest GDP contribution sector is service and follow by manufacturing. Potential market spending power age group is 35-44 and 45-64.
Mr. Sia asked all of us don’t trust 100% on the data presented to you, because many people use outlier to play around with the data. For example, five houses on a hill by the beach RM2 million, RM500K, RM300K, RM100K and RM100K. Real estate people might tell you that the average house price is RM600 (mean), smart buyer will argue that the mode price is RM100K. Therefore, when read the statistic, you should ask for mean, median and mode.
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