Want to build business analytical skills? Learn how Business Statistics course can help you carve a successful career - Hindustan Times
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Want to build business analytical skills? Learn how Business Statistics course can help you carve a successful career

ByHitesh Arora, New Delhi
Mar 20, 2024 04:01 PM IST

The course imparts knowledge of statistical methods and hones analytical skills, enabling aspirants to identify trends, and make informed decisions.

Undeniably, informed decision-making has become a key to success for businesses. As the global marketplace becomes increasingly complex, the need for reliable and comprehensive data to support decisions has never been more critical. This is where the field of “Business Statistics” comes into play.

Business Statistics course gives aspirants a chance to learn and apply statistical techniques in the business context, thereby opening a plethora of career avenues, ranging from roles of market research analyst, financial analyst, operations manager, data scientist and more.(iStock Photo)
Business Statistics course gives aspirants a chance to learn and apply statistical techniques in the business context, thereby opening a plethora of career avenues, ranging from roles of market research analyst, financial analyst, operations manager, data scientist and more.(iStock Photo)

As a new-age MBA course, the field of study helps students develop a strong foundation in data analysis and interpretation. Furthermore, it teaches them how to analyze data arising from a business problem by using appropriate statistical methods and interpreting the findings for effective decision-making.

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Thus, to become a successful business statistician, one must first obtain a bachelor's or master's degree in a suitable field, such as statistics, mathematics, computer science, or economics, from a reputable management school. They also need professional certification and hands-on experience to demonstrate their abilities. While specific requirements may vary depending on the institution offering the course, statisticians must possess a distinct set of technical, analytical, and leadership abilities to flourish.

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The expenses involved in pursuing a business statistics course may vary depending on factors such as the institution, duration of the program, and mode of study (e.g., full-time, part-time, online).

Some common expenses to consider include, tuition fees, study materials, living expenses, and so on. Furthermore, a thorough understanding can lead to a variety of professional prospects in areas such as market research, financial analysis, operations management, and strategic planning. As a result, the field of study has emerged as a viable career choice for individuals interested in utilizing their analytical skills in a business setting.

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Business Statistics: A viable career option

Improve decision-making: Today, mathematically tested decision-making abilities can improve operations and transform businesses dramatically. With the help of the knowledge gained in this course, business statisticians can analyze data and eliminate underperforming marketing strategies to make way for watertight plans for businesses to flourish. Furthermore, with assistance, aspiring professionals can reduce unnecessary pressure, which allows them to focus on new projects, driving the growth of the organization.

Build analytical skills: The course not only imparts knowledge of statistical methods but also hones analytical skills, enabling aspirants to analyze data, identify trends, and make informed decisions. Furthermore, this course provides students with the capacity to successfully convey their findings and insights using data visualization approaches, which improves their employment chances. As a result, in an era where data-driven decision-making is the norm, having excellent analytical abilities provides a competitive edge that distinguishes individuals in the job market.

Enhance career prospects: While pursuing this course, students get a chance to learn and apply statistical techniques in the business context. This further opens a plethora of career avenues, ranging from roles of market research analyst, financial analyst, operations manager, or data scientist, just to name a few. One of the major benefits of pursuing this course is that it develops critical thinking skills and a strong foundation in data analysis, which are highly sought after by organizations across various industries. Another advantage of pursuing this course is that talent is paid appropriately for their skills. They can earn up to Rs. 3–10 lacs per year. Furthermore, with more skill and experience, they can earn even more.

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Future of Business Statistics course!

Today, a Business Statistics course is more than simply an academic requirement; it is a portal to the business world with a plethora of opportunities and professional achievement. This course prepares students for a successful and impactful professional journey by teaching them how to extract meaningful insights from data, make informed decisions, and navigate the complexity of the business world.

Furthermore, as organizations expand in the digital age, the relevance of statistical literacy grows, making a business statistics course a viable career option for future leaders. Here, to highlight the fact, as per the Bureau of Labour Statistics, a career as a statistician is considered to be one of the fastest-growing careers and is poised to witness a rise of nearly 33% by 2026, along with a rise in the jobs in this sector by 7.4%.

(Dr Hitesh Arora is a Professor in the area of Operations Management at FORE School of Management, New Delhi. The views expressed are personal.)

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