HOW STATISTICS SUPPORTS ARGUMENTS (Essay Sample)

HOW STATISTICS SUPPORTS ARGUMENTS Name Institutional Affiliation Date Statistics refers to data represented in the form of single or grouped elements. Over the years, experts in different fields have preferred the use of statistics in supporting their arguments. Statistics relays information in theform of numbers, often called data. Numbers are powerful sources of evidence that can sufficiently support any claim or argument. Most arguments contain numbers or percentages that are presented as premises in support of the conclusion to the argument. This paper looks at how statistics can be used to as evidence to support arguments in the business industry. Unless statisticsis considered, the management of a firm may not accurately understand what is going on in terms of operational costs and profit margins. Since statistics deals with numbers, it can be used to calculate needed ratios such as profit and loss and cash flow. Consequently, the ratios can be used as evidence to support arguments. Statistics can answer such questions like whether a company is making profits or running on losses. On top of that, numbers can be employed when analyzing current trends and making future forecasts of a company'sperformance.[. Goldstein, Andrea E. Business Essentials for Every Manager (Paris: OECD, Development Centre of the Organisation for Economic Co-operation and Development, 2002), 46.] Businessesconsist of branches and sub-branches. The use of statistics can identify which branch or sub-branch makes the highest profits or losses, and which employee or groups of employees are behind the overall success of a particular branch or sub-branch. In addition, statistics will also seek to find the means used to achieve the success by analyzing the backgrounds of loyal product and service customers.With this in mind, the company management will make use of the statistical information effectively to initiate change and necessary adjustments in the relevantcompany departments. Statistics will help departmental managers to evaluate their departments. Besidesby looking at their financial statements, the heads of departments are able to find the best way of minimizing unnecessary expenses to cut down on costs.[. Ibid., 62.] In any industry,promotion of products or services is necessary since it is a means of attracting new customers and penetrating new markets. Statistical comparison can be done to find out whether a company has spent excess or less money in promotional services such as advertisement. For instance, the company will analyze the sales figures versus the total promotional expenditures to see whether there are plausible returns on the money invested in promotions. Normally, if a company spends more on promoting a product, the sales figur...