Statistics in the Hardware Store

Statistics can be used in a variety of ways in a hardware store. Because it is a retail business, the main reason for the use of statistics for decision making that will help the business financially prosper. They are used to determine what products customers want and need and how much of each item to keep in stock. Statistics are used answer important questions like when customers are going to purchase and how much they are going to spend (Boatwright, Borle, & Kadane, 2003). They are also are used in pricing models for the merchandise, in the marketing strategies of the store (for example, determining who the target customer is), and almost every other aspect of the store's operation.

A hardware store has many uses for descriptive statistics. The owners and managers need to know what the data look like in order to make informed...
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