The Role of Statistics in Economic and Management Analysis and Decision-Making

This study examines the crucial role of statistics in analysis and decision-making in the fields of economics and management. In a data-dominated digital era, the ability to transform raw data into meaningful insights has become a critical competency. Statistics is not merely a collection of numbers, but a science that enables the collection, processing, analysis, and interpretation of data to identify patterns, measure uncertainty, and make accurate predictions. In economics, statistics serve as the backbone of macro and micro analysis, from tracking economic growth to predicting inflation and understanding consumer behavior. This literature study adopts a systematic literature review method, using the Publish or Perish application to search for scholarly publications from reputable databases such as Google Scholar. Five relevant articles were found and analyzed qualitatively, showing that statistics are crucial in various aspects of decision-making. For example, management accounting, which is influenced by statistics, is significant in corporate decision-making. Statistics also help in understanding consumer behavior and the impact of promotions and products on purchasing decisions. This study emphasizes that without statistics, decisions would be based solely on assumptions, whereas with statistics, decisions are based on facts. Therefore, statistics are an essential foundation for achieving competitive advantage in a data-driven world.