Difference Between Business Statistics, Business Analytics, and Statistics

Basis	Business Statistics	Business Analytics	Statistics
Focus	Application of statistics to business problems.	Use of data analysis to make informed business decisions.	Study of data, its collection, analysis, and interpretation.
Purpose	To provide tools for summarising and analysing business data.	To extract actionable insights from data to support decision-making.	To understand and describe data, often without a specific business context.
Application Areas	Marketing research, sales forecasting, quality control, etc.	Predictive modelling, data mining, machine learning, optimisation, etc.	Purely academic and scientific; used in various fields, including business.
Techniques	Descriptive statistics, hypothesis testing, regression, etc.	Advanced statistical methods, machine learning algorithms, data visualisation, etc.	Wide range of statistical methods, including experimental design and probability theory.
Decision-making level Supports	Supports operational and tactical decision-making in business.	Supports strategic, operational, and tactical decision-making.	Academic research and decision-making across various domains.
Tools and Software	May use statistical software like SPSS, Excel, or specialised business statistics software.	Utilises a variety of tools, including programming languages (Python, R), data visualisation tools, and analytics platforms.	Employs statistical software and tools based on specific statistical methods.

Business Statistics – Importance, Application and Types