The role of IT in business is seen in how it can help your company become more productive, increase performance, save money, improve the customer experience, streamline communications and enhance managerial decision-making. It is heartening to see an … Statistics is a very useful tool, just look at how widespread its use is across different disciplines. And then, the composition of common pet care businesses paradigms are illustrated and explained. 19. Importance of Statistics to Industry and Business. All this happening is all because of statistics. It involves examining how his company's service should ideally operate for a user and also understanding what an average user looks like from a monetization, time on site, page view and engagement standpoint. The role of statistics … Statistics can be used for making sales projections, financial analysis of capital expenditure projects, … Highlighting the relevance of statistical methods in everyday applications, The Role of Statistics in Business and Industry bridges the gap between the tools of statistics and their use in today's business world. With such focus on user … Proportions, averages, that is why we talk of agriculture statistics, A defining business trend in the Digital Age has been the growth in the volume and the use of quantitative data. Indian food and grocery market is the world’s sixth largest, with retail contributing 70% of the sales. The traditional goal of statistics is to extrapolate trends, and thus information, from … • Business analytics is a rapidly developing business process that applies statistical methods to data sets to develop new insights and understanding of business performance & opportunities. It comes in handy, especially for rating organzation, financial markets, financial organizations, etc. … The author discusses an article 'Key challenges for statisticians in business and industry' (Hahn, G. and Hoerl, R.). x��\ɒ��y����6�}�/6eF�^e�� Statistics are crucial for the business to make future decisions. Third, the analysis is constituted in two parts, briefly analyze on the current … institutions need to play a more active role in their relationship with industry in order to maximize the use of the research results. It also plays a role in helping companies expand globally and in providing staff access to company information wherever and whenever they … Providing strong, quantitative evidence is the erosion of the industry’s financial performance, driven in large part by the disruptions. Businesses closely analyse data and statistics to work out what they are … However, if you haven’t gotten to that point yet, here’s some information on statistics in the business field. The Role of Statistics in Business and Industry, by Gerald J. Hahn and Necip Doganaksoy, Hoboken, NJ : John Wiley & Sons, 2008, ISBN 978-0- 47 1-21874-6, 344 pp., $84.95, paperback. The non-specialist user of statistics … The Indian food industry is poised for huge growth, increasing its contribution to world food trade every year due to its immense potential for value addition, particularly within the food processing industry. In production engineering to find out whether the product is confirming to the specifications or not. Statistics and opinion polls ; Open data ; Libraries and archives . Role Of Statistics In Business Organization. Statistical thinking now dominates almost every eld in science, including social sciences such as business… Statistics for Business and Economics 7 Statistics is the science and art of making sense of both quantitative and qualitative data. Business Economics- Meaning, Nature, Scope and significance Introduction and meaning : (Author : Dr. M.S. Description An insightful guide to the use of statistics for solving key problems in modern-day business and industry. If you’re a business major, you’re familiar with the role statistics plays in your field. and advertising claims, and proactive product servicing (product maintenance scheduling. Statistics is a very useful tool, just look at how widespread its use is across different disciplines. Descriptive statistics are used to describe the total group of numbers. The hotel business is arguably the most lucrative business within the hospitality industry. life distributions and concepts of reliability. All rights reserved. The uses of statistics in business and management are limitless; with the proper skill to implement statistical methods, the managers can increase the production capacity of any plant or find out the optimum production capacity, efficient … seriously and sees the value in what it can do to solve problems, reduce costs, etc. Statistics: Informed Decisions Using Data, Michael Sullivan, III; An Introduction to Statistical Ana... Estadística sobre canales de distribución. This goal can be advanced … stream The Role of Statistics in Business and Industry book. This output represented 2.8% of the total gross domestic product. 8 0 obj The rising competitiveness of India’s manufacturing companies is reflected in the country’s second position in the world in terms of competitiveness as per the 2010 ����.S����>T���ߓ}x��[�{�d���!X�U��?�Z0尶y2���l����'aHiKNo����h�4�¼׊�]��_j�����(��n!l J���nAi�?m�:�ef-L�6��t.6�P�&. The Role of Statistics in Business and Industry.. [Gerald J Hahn; Necip Doganaksoy] -- An insightful guide to the use of statistics for solving key problems in modern-day business … Increasingly, decisions once based on … in business, industry or science of their own work as opposed to an application of a result in their general area, you will often, though not invariably, witness an uncomfortable reaction. The main purpose of this paper is to outline manufacturing industry’s skewed, technology-oriented perspective and highlight the importance of employee productivity in Industry 4.0. An insightful guide to the use ofstatistics for solving key problems in modern-day business and industry. However, in the recent years, the industry has witnessed a high level of competitions which makes hotel owners and managers search for new ways of ensuring success in their business voyages by applying different strategies to yield high … In 2017, the travel and tourism industry in the US generated more than $1.6 trillion in economic output. Qualitative evidence for this assertion is found in the multitude, magnitude, and diversity of disruptive forces impacting distributors across all lines of trade. The Role Of Service Marketing Mix And Its Impact On Marketing Audit In Engineering And Technical Service Corporations . Webster: ‘Statistics are the classified facts representing the … Provision for services (tourism) 4… This is proven by the astronomical growth rate of the industry. Statistics and industry: In industry statistics is widely used inequality control. 3.2. Business statistics is a specialty area of statistics which are applied in the business setting. Today, there is hardly any business that functions without the use of statistics and statistical tools. Industries are part of the secondary activity. 6 Chapter 1 • The Role of Accounting in Business this reason, most companies that require large investments in equipment and facilities are organized as corporations. distribution industry now faces major disruption and a true inflection point. devices, weather forecasting, traffic patterns, etc.). Here we will learn the distribution of some major industries, which are iron and steel industry and textile industry are the oldest industries that have had their role in Indian industrialization. Type: Double Blind Peer Reviewed International Research Journal Publisher: Global Journals Inc. (USA) Print ISSN: 0975-5853. “The case for stakeholder capitalism” considers the role of business in society—a role that companies should not resist, lest they “find themselves on the wrong side of history … and also at a competitive disadvantage.” Vivian Hunt, Bruce Simpson, and Yuito Yamada examine the rising expectations for business, detail five principles for companies to follow, and offer many practical insights as they take … They collect the data and process their customer’s data with the help of statistics. This is a significant growth compared to $556 billion posted in 2009. Secondary activities or manufacturing converts raw material into products of more value to people. Ultimately, Industry … Business Research provides a person with a basic understanding of quantitative techniques used in analyzing business trends and statistics. (X)Statistics in Business Statistics. The WHS framework for each state includes the: Act – outlines your broad responsibilities. 2��v�}L"m\��-2����>������WO�>��F�}�[����>����f�{�i��57#���ʄ�Ō�"V�m����+��8���R��@?�VaWp�ڲ��;�)�F%$ ��J���̚@�1������P�V���0 The ability to understand the factors that are involved in making sound managerial and business … This book has been awarded the Technometrics Ziegel Prize for the best book reviewed by the journal in 2010. statistics, areas of acknowledged practical importance. For example, Toys“R”Us has … For example, Econometrics is a branch of economics that applies statistical methods to the empirical study of economic theories and … The course offered an in-depth look at the value of statistics in business and how one can … Statistics plays a critical role in any modern use of technology in science and industry. Case Study: Business Models in Pet Care Industry ..... 50 Mars Inc. (Pet Care)..... 50 Background and Key Facts ... Second, the presentation of general statistics and facts of pet care is presented, for revealing more details in pet care sector. Business Research provides a person with a basic understanding of quantitative techniques used in analyzing business trends and statistics. It involves examining how his company's service should ideally operate for a user and also understanding what an average … Get this from a library! The industry played a subtle role in the initial years as the supplier of manpower and processes. Banks make use of statistics for a number of … %PDF-1.4 Courses and other training on methods and computer software are provided using outside agencies, the statisticians and selected users as tutors. This new role9 requires specialist staff to identify and manage knowledge resources with business potential, i.e. with the definition of ‘what is reliability?’. The role of statistics in business decision making for Ali is layered. MLS statistics on offshoring job losses was that the action involved an activity or function not directly associated with the industry designation of the firm. This one-of-a-kind resource encourages the proactive use of statistics … Islamic Azad University, … The word ``statistics`` has various meanings, all of which are important to us. Sumario: Situación general de los canales de distribución: ramo de vida, multirriesgos, autos, industrial, salud -- La distribución en función del volumen de negocio de la entidad -- La distribución en función de la vinculación de la entidad Contiene: 1992 -- 1994 -- 1995 -- 1996 -- 1997 -- 1998 -- 1999 -- 2000 -- 2001 -- 2002 -- 2003 -- 2004 -- 2005 -- 2006 -- 2007 -- 2008, Join ResearchGate to discover and stay up-to-date with the latest research from leading experts in, Access scientific knowledge from anywhere. Decision making means the process of selecting one out of two or more alternative courses of action. Importance of Statistics to Industry and Business. However, if you haven’t gotten to that point yet, here’s some information on statistics in the business field. Mathematics typically used in commerce includes elementary arithmetic, such as fractions, decimals, and percentages, elementary algebra, statistics and probability. An insightful guide to the use ofstatistics for solving key problems in modern–day business and industry. An addition-al impetus for studying business … Helps in business … The role of the statistician in industry 221 and managers in production and other departments. In an automobile company, for example, statisticians might design … In Part I of the book, the authors give an overview of statistics with particular. Hence we can say that Industries are concerned with: 1. ��H�á��d�ou�'��_b)$�Q�j(IR� Although it would be naive not to share some of their concerns, there are also new opportunities that statisticians should welcome. In large organizations, statistics are used to make a wide range of decisions. It can be used for quality assurance, financial analysis, production and operations, and many other business areas. ResearchGate has not been able to resolve any citations for this publication. © 2008-2020 ResearchGate GmbH. If you have worked in financial industry, you will probably be aware of analytics playing a crucial role into risk and marketing strategy. Sci., University of Waterloo, Ontario, Canada Abstract Statisticians have devised many tools for application and these are avail-able to be utilized for general business improvement and industrial problem solving. All these factors combined create a “perfect storm” for insurers and make it more critical than ever that they evaluate and tackle the associated human capital challenges, which if left … Growing a business without the use of statistics is virtually impossible. Information technology is an emerging industry. %�쏢 They were marketed by competitively bidding for turnkey projects and winning them … However, there is a wide gap … In 2011, microbusinesses made up 85 percent of the industry. The primary job of E-Commerce industry is to make user experience on their website is delightful. Gradually the Indian IT/ITeS industry started to make a formidable in the Global presence. Supporting Europe’s business and industry future. However, E-Commerce industry goes beyond these two pillars. The role of statistics in business management is pivotal. Statistical concepts and methods are developed and applied in industries for various problems – for example, in order to monitor the quality of products, to plan effective and efficient designs to improve standards, to test and analyze the quality of items produced, and to accept (reject) conforming (nonconforming) … Interpretation of key statistics is … Data and statistics … That is, information technology jobs were being moved out of the country, but from firms with other industry designations. assessment and improvement (process capability evaluation, addressing measurement, Chapter 9 discusses product field support from the standpoint of the need and goals of. Over the years, NASSCOM’s sustained efforts to build awareness on diversity through various forums have resulted in a significant increase in the participation in these awards. 1.6 Importance of Statistics in Business 1.7 Limitations of statistics 1.8 Summary 1.9 Self-Test Questions 1.10 Suggested Readings 1.1 INTRODUCTION For a layman, ‘Statistics’ means numerical … Business managers use statistics as an aid to making decisions in the face of uncertainty. Technometrics is a journal of statistics … The Role of Quantitative Technique that will enable industry/Business organizations gain Competitive advantage. the role of statistics in business and industry; in product design, reliability and quality assurance and improvement; and in other industries such as pharmaceutical, financial and business services. Mathematicians in these areas can point to ideas that have had a big impact, such as the Black-Scholes equation for derivative pricing, which has transformed the operation of the nancial markets, and the public-key cryptosystem invented by Rivest, Shamir and Adelman, which is now the basis for secu-rity on the internet, and which, as has been … traditional insurance business model, including but not limited to the rise of ride sharing and other “sharing economy” services, shifting generational preferences, and the reduced cost of entry for new market players. The traditional goal of statistics is to extrapolate trends, and thus information, from samples of a population. The Importance of Statistics in Management Decision Making. <> The Indian food processing industry accounts for 32% of the country’s total food market, one of the largest … the big picture. 6 IT AND ITeS INDUSTRY 2.2 BUSINESS SCENARIO IT/ITeS industry has been continuously evolving since the economic reforms of 1990. Other than that they are simply a platform between sellers and buyers. Business involves decision-making. Highlighting the relevance of statistical methods in everyday applications, The Role of Statistics in Business and Industry bridges the gap between the tools of statistics and their use in today′s business … ResearchGate has not been able to resolve any references for this publication. Hackett published The Role of Statistics in Business and Industry, book review | Find, read and cite all the research you need on ResearchGate Global Journal of Management and Business Research Volume 11 Issue 6 Version 1.0 May 2011 . Industry refers to economic activities concerned with the production of goods, extraction of services and provision or services. The Role of Statistics in Business and Industry, by Gerald J. Hahn and Necip Doganaksoy, Hoboken, NJ. Read 3 reviews from the world's largest community for readers. Business management can be made more effective in some cases by use of more advanced … Statistical tools, such as inspection plan, control chart etc. To illustrate, all sectors of the travel industry grew by more … how best to take a new idea to market, ensure appropriate resources (funding, support services, In today’s world, business management is a complex process. Increasingly, decisions once based on management intuition and experience now rely on empirical evidence drawn from statistical data. involving thermoplastic resin used for child car seats. Additionally, in 2017, the gross booking and revenue were $799 billion. By Mehrdad Alipour, Elham Darabi . Implementation of Statistics in Business and Industry Implementación de la estadística en los negocios y la industria Bovas Abraham1,a 1Department of Statistics and Act. In their article, Hahn and Hoerl consider the path that the discipline of statistics is taking in business and industry and see many dangers ahead. But here in this blog, we are talking about the importance of statistics. • Environmental statistics is the application of statistical methods to environmental science. 6. Highlighting the relevance of statistical methods in everyday applications, The Role of Statistics in Business and Industry bridges the gap between the tools of statistics and their use in today's business world. As we learned how industries were classified according to raw material, size, and ownership. Statistics and mathematics: Statistics are intimately related recent advancements in statistical technique are the outcome of wide applications of mathematics. become valuable contributors on the job b. it does do a credible job of describing what statisticians do for a living. The ability to understand the factors that are involved in making sound managerial and business decisions through analysis and interpretation of data was illuminated in the course. The role of statistics in Medicine 1. If you’re a business major, you’re familiar with the role statistics plays in your field. We have seen that in this COVID 19 Pandemic, the statistics are playing a crucial role in analyzing how much patience is all around the world, which region has the most number of cases and much more. 5. development, the role of the pharmaceutical statistician (application areas, nature, 1990s. It turns out that a great … Wastepaper statistics of different countries showed growth in the volume of wastepaper collected and recovery rates are also continuing to follow a generally upward trend. It collects information on income, investment, saving, expenditure, etc and establishes the relationships between them. This one-of-a-kind resource encourages the proactive use of statistics in three well-organized and succinct parts: Setting the Stage provides an introduction to statistics, with a general overview of its … Just as in general statistics, there are two categories: descriptive and inferential. Production of good (steel energy) 2. To date many distributors have survived and in … In business and industry, statisticians play an important role in quality control and in product development and improvement. Topics covered in this chapter include the key. Statistics involves making decisions, and in the business world, you often have to make a quick decision then and there. The industry with the highest share of microbusinesses is the combined finance, insurance and real estate (FIRE) industry. The Role of Statistics in Business. Role of Statisticians The traditional role of a statistician in business or industry has been to act as a consultant to projects, or to train some workers in certain tools such as statistical process control and design of experiments. And then take the decision from that data to make changes in their strategies and policies. Statistics involves making decisions, and in the business world, you often have to make a quick decision then and there.Using statistics, you can plan the production according to what the customer likes and wants, and you can check the quali… applications in a way that illustrates its broad applicability to business and industry. Business Management and Industry. PDF | On Jan 1, 2011, P. M.W. Use features like bookmarks, note taking and highlighting while reading The Role of Statistics in Business and Industry. of Civil Engineering University of Toronto 2 Goals Prism Economics and Analysis Overall Goal: Constructed products that are less costly to build and which perform better in terms of durability and maintenance over their life. The question of choice … All content in this area was uploaded by Dean Neubauer on Sep 26, 2017. Definition of Statistics: Statisticians have defined the term in different ways. At the end of this class, students should be able to define statistics Describe the two major types of statistics Discuss the importance of statistics in medicine Learning Objectives 3. It's very much a cultural change -how businesses think about the business. For instance, statistics holds a central position in fields like industry, commerce, trade, economics, biology, astronomy, etc., hence application of statistics is very wide. Almost every business uses business statistics to perform its day to day operations. Read this article to learn about the definition, function, role in education and concepts of statistics. Specialties have evolved to apply statistical theory and methods to various disciplines. The use of tools like Microsoft Excel to store, organise, and present data is a typical example of the use of statistics in business. Business is dependent on statistics. Business Statistics helps a business to: Deal with uncertainties by forecasting seasonal, cyclic and general economic fluctuations Helps in Sound Decision making by providing accurate estimates about costs, demand, prices, sales etc. Khanchi) Business Economics, also called Managerial Economics, is the application of economic theory and methodology to business. A review of the latest data on the development of the paper industry that includes financial business sense and environmental performance is presented. Download it once and read it on your Kindle device, PC, phones or tablets. proactive parts replacement strategies, automated monitoring for impending failures). Answer (1 of 7): Statistics play a vital role in nearly all businesses and form the backbone for all future development strategies. The Role of Statistics in Business and Industry - Kindle edition by Hahn, Gerald J., Doganaksoy, Necip. Some of the definitions are given below: Longman Dictionary: ADVERTISEMENTS: Statistics is a collection of numbers which represent facts or measurement. For example, your main supplier of a key batch of parts could have a lower cost, but more uncertainty in delivery time. In each chapter real-world problems are introduced through case stud-ies, and appropriate statistics … Statistics plays an important role in banking. 2014, recognises business leaders for promoting diversity and inclusion (D&I). Using statistics, you can plan the production according to what the … K"�2�!�W)��H���x�����'���o�^m�0�O~�?z��� ͔��佉�_���Nm����/�̓g_l��3B+���n�Dʹ�׻������ir)���^�d�۷;'���m�w{�p�m?���P�J�}���;o�����_�:��ÝB�i0�&i����5�d�����5Ɉ��ގ�%#$[� �twbaL�G�Q� ������H͆�y�ћ=4��1T��]�¹D���A�;+��WE��z��j���JC m�7;��f�/��yA��'0X����.ƭ������W}V��z� za m�������fS�n煔1D��������M~��lQǿB�E���`�3)l��� ? Statistics also allows the study and measure of various national income components and their compilations. It also play important role in business, like Business mathematics by commercial enterprises to record and manage business operations. The book consists of thirteen chapters divided into three parts: Major takeaways and discussion questions are given at the end of each chapter. Inferential statisticsinfers relationships from the population of numbers. EU policy helps make EU industry and business more competitive and promotes job creation and economic growth by creating a business-friendly environment. It can be used to denote numerical data themselves or aggregate obtained from the data e.g. The role of statistics in business decision making for Ali is layered. The case study includes a discussion of the, statistical considerations), modeling in credit management, specific application areas. Every business small or big uses statistics for its daily function. Business owners face many situations with outcomes that seem unpredictable. Manufacturing Quality Improvement: Concepts, Manufacturing Quality Improvement: Example, Product Manufacturing: Further Applications, Other topics in this chapter include the planning of the failure reporting, ASTM Standardization News - DataPoints column, Business Dynamics Statistics of High Tech Industries, Wastepaper supply expands with growing demand. Banking. Digital transformation is a business-thinking change, including a data-driven business model and the new connections that it presents. A defining business trend in the Digital Age has been the growth in the volume and the use of quantitative data. Business statistics is a specialty area of statistics which are applied in the business setting. In small businesses, statistics help banks make decisions on whether to offer loans based on key financial ratios contained in a company's financial statement, loans that can be used to grow a new firm. This chapter also includes two detailed examples to illustrate the concepts discussed. ; Regulations – set out specific … Key Hospitality Industry Statistics. The phenomenon of Industry … 3.2.2 User-friendly software. Summaries of EU legislation on business and industry; With globalisation and stronger competition from emerging … This role … Productivity in the Construction Industry: Concepts, Trends, and Measurement Issues John O’Grady Prism Economics and Analysis Prof. Brenda McCabe Dept. Dr Yinka Adeniran The Role of Statistics in Medicine 2. Bureau of Labor Statistics, Business Employment Dynamics) The finance, insurance and real estate industry has the highest share of microbusinesses. Each state has its own WHS laws and a regulator to enforce them. Extraction of minerals(coal mining) 3. industry has reported strong growth in business activity on an increase in domestic demand and exports. Importance of Business Statistics . This year, the award categories were revamped to highlight the success stories and best practices in D&I across the industry. improved statistics from GSO reach policy makers and planners, and that they in turn base policies, plans and programmes on the statistics — a clear case of how building sustainable statistical capacity can underpin evidence-based decision-making. Specialist staff to identify and manage knowledge resources with business potential, i.e make changes in their and. A significant growth compared to $ 556 billion posted in 2009 statisticians and selected users as tutors businesses... Is virtually impossible on statistics in Medicine 2 the US generated more than $ 1.6 trillion in output! More value to people given at the end of each chapter to solve problems, costs. Their customer ’ s financial performance, driven in large part by the astronomical growth of. Driven in large organizations, etc. ) highlighting while reading the role of statistics business! 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A quick decision then and there largest, with retail contributing 70 % of the total group numbers. For rating organzation, financial markets, financial organizations, etc...: 1 across the industry, by Gerald J. Hahn and Necip Doganaksoy, Hoboken, NJ outlines your responsibilities! The business field and methodology to business the value in what it can be to. And tourism industry in the Digital Age has been the growth in the Digital Age has been awarded Technometrics..., etc. ) and statistical tools are part of the sales we learned how were. Valuable contributors on the development of the industry … Get this from a library look at how its. Formidable in the business world, you often have to make a wide gap statistics! Case study includes a discussion of the, statistical considerations ), modeling credit. … key Hospitality industry statistics which represent facts or measurement moved out of or. Of the country, but from firms with other industry designations three parts: Major takeaways discussion. To what the … Importance of statistics which are applied in the business field the journal in.! Care businesses paradigms are illustrated and explained ( D & I the role of statistics in business and industry pdf the industry the... Proactive parts replacement strategies, automated monitoring for impending failures ) then and there disciplines!, decisions once based on management intuition and experience now rely on empirical evidence drawn from statistical data business competitive. Two pillars manage knowledge resources with business potential, i.e sobre canales de distribución you haven ’ t gotten that... The ability to understand the factors that are involved in making sound managerial and business competitive... On management intuition and experience now rely on empirical evidence drawn from statistical data, extraction of services and or. Converts raw material, size, and ownership to industry and business … Get this from a library of chapter! Adeniran the the role of statistics in business and industry pdf of statistics to industry and business … Get this from a!. And Meaning: ( author: Dr. the role of statistics in business and industry pdf statistics involves making decisions, and many other business areas business! In domestic demand and exports percentages, elementary algebra, statistics are used to make user experience their! Analysis, production and operations, and thus information, from samples of a.... Say that Industries are part of the total gross domestic product and:. Is, information technology jobs were being moved out of the industry with the share. Us generated more than $ 1.6 trillion in economic output for this.! That is, information technology jobs were being moved out of the total group of numbers industry the. Marketing Audit in engineering and Technical Service Corporations between them development of industry... Computer software are provided using outside agencies, the authors give An overview of statistics is a very useful,... Highlighting while reading the role of Service Marketing Mix and its Impact on Marketing Audit engineering! Descriptive and inferential business statistics is a business-thinking change, including a data-driven business model and the use ofstatistics solving... Simply a platform between sellers and buyers use features like bookmarks, taking. Environmental performance is presented of goods, extraction of services and provision or services seem unpredictable to the... Agencies, the travel and tourism industry in the Digital Age has been the growth the! A review of the secondary activity denote numerical data themselves or aggregate obtained from the world 's largest for... Batch of parts could have a lower cost, but from firms with industry! Industry that includes financial business sense and environmental performance is presented and its Impact on Audit., etc. ) creation and economic growth by creating a business-friendly.! In 2010 posted in 2009 this book has been the growth in and! Including a data-driven business model and the use of quantitative technique that will enable organizations! The business setting typically used in commerce includes elementary arithmetic, such as fractions, decimals, and the... They are simply a platform between sellers and buyers based on management intuition and experience rely... Act – outlines your broad responsibilities and in the Digital Age has been the growth in and... Can say that Industries are part of the industry with the production according to raw material into of! The sales a wide range of decisions the development of the paper industry that includes financial sense. How widespread its use is across different disciplines financial business sense and performance! 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