Statistical Analysis as a part of business decision-making frameworks: A Study on Kurdistan Region

Abstract

The paper is aimed at the discussion of the significance of statistics as the essential component of business decision-making models and with a specific reference to the organizations that operate in the Kurdistan Region. The research will be investigating how various elements of statistical analysis contribute to improvement of effects, quality, and output of business decisions. Statistical analysis has five dimensions of conceptualization (data collection and quality, descriptive statistical methods, inferential statistical methods, statistical software and tools, and decision-maker analytical skills). These dimensions are examined in terms of five dimensions of business decision-making i.e. accuracy of decision, decision speed, rationality of decision, risk reduction, and performance results of the organization. The study has a quantitative research approach. The group to be targeted will be business managers, executives and organizational decision-makers in the different fields in the Kurdistan Region. A valid 150 responses had been collected in a structured questionnaire. The collected data was examined with the assistance of SPSS software, descriptive statistics, correlation analysis, and multiple regression were applied to calculate the relationships and impacts of the study variables. The findings reveal that statistical analysis plays a significant role in enhancing the business decision making processes. Specifically, data collection and quality and the decision-maker's analytical skills have a statistically significant positive effect on the accuracy of the decision and risk reduction. The findings also reveal that organizations that incorporate systematic use of statistical tools and analytical practices are in a better position to make rational, timely and performance-based decisions. In general, the research shows the need to embrace sound statistical analysis models to enhance strategic decision-making and organizational performance in the Kurdistan Region.