Business Statistics
Many businesses use statistics to evaluate performance. Business statistics involves aspects of math, management and market research that aid in the decision making process within a business.
Inside Business Statistics
Statistics is used in several aspects of business, such as budgeting, tax preparation, proposals and data mining. The business statistics career field uses statistical techniques, such as data sampling and analysis, to assist in making decisions about potential business ventures and existing company practices. A business statistician might analyze data to create new marketing techniques or understand investment risk.
A degree in business statistics helps to develop a student's business skills through analytics and economic studies. Business statistics is offered at the bachelor's, master's and Ph.D. level. Some business statistics courses may include price theory, income theory, ethical environments, forecasting, regression, sampling theory and modeling.
After earning a degree in business statistics, a graduate can go into a number of business-related or academic careers. These positions include business economist, statistician, trade and financial officer, financial analyst, professor or actuary. Though entry-level statistician positions with the federal government only require a bachelor's degree with statistics coursework, most statistician jobs beyond entry-level positions require a master's degree in statistics. Students who would like to conduct research or work in an academic setting should have a Ph.D. in Statistics, the U.S. Bureau of Labor Statistics (BLS) reported.
According to the BLS, the employment of statisticians in all industries is predicted to increase 13% from 2008-2018 (www.bls.gov). Employment growth for individuals who have a statistics background will be due to the demand of businesses needing large amounts of data analyzed and interpreted at a much faster pace than before. As reported by the BLS for May 2010, statisticians consulting in management, scientific and technical industries earned an annual mean wage of $73,210.
Learn More about Business Statistics
Statisticians work in a variety of industries helping businesses, government and the healthcare industry better understand and interpret numerical data that is used to draw conclusions to business-related questions. To learn more about the education and careers of business statistics professionals, visit Education-Portal.com.
Degree Options
Students can study business statistics at both the undergraduate and graduate degree level. Students should enjoy math, computers and science since those are usually the educational areas that a degree in statistics will focus on. For available business statistics degree options, visit Education-Portal.com.
Career Options
Career opportunities in the business statistics field are plentiful. Statisticians can perform market research work, which consists of creating and analyzing surveys that collects data on various topics. They can also provide intelligent and reliable predictions to help answer questions regarding industry concerns.
Distance Learning Options
Many schools offer online business statistics courses and degree programs for students who prefer a flexible learning schedule. Visit Education-Portal.com for available business statistics distance learning options.
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