If you love sports, the probability is high that you have made a statement regarding the likelihood of a team winning or losing or have done an informal analysis keeping in mind the history of the successes and failures of the team.
Millions of people buy tickets in hope of winning the "jackpot". Some people cross state lines or country borders just to participate in lotteries if lotteries have not been legalized in their states or countries. Some people buy a winning ticket, but for the millions of participants, the odds of winning are against each and every one of them.
Every day many people decide to try their luck, so they visit Las Vegas casinos. Some win but more lose. Who profits more, the casino or the people trying out their luck? No doubt, the casino or else it wouldn't be there!
All the aforementioned examples relate to the probability, or chance, of success. To be specific, a chance is the mathematical probability of a win or a loss. All the examples are related to fun, but when it comes to serious business analysis, trust your own researches or else hire a Statistical Consulting Service for that "good shot" at success.
In the business sector, employees receive regular payments and customers buy products and services. Hence, businesses need to have a competitive edge and marketing strategies to meet their return on investment (ROI) goals, which is possible with the correct targeting of customers. In the competitive market, companies need to give customers reasons to stay, or else other companies will lure away their customers.
Statistics is a branch of science that uses a mathematical approach to the collection, analysis, interpretation, and presentation of facts and figures. Statistical consulting is perhaps the most interesting and rewarding part of the field of statistics. A statistical consultant uses different types of mathematical tools related to statistics to solve many kinds of practical problems. For example, a Statistical Consulting Service can provide tools for predicting profit and the future achievement of a company. So, it is suggested business owners have a technical consultation with a statistical consultant - to improve business by using a highly entrepreneurial spirit.