How did the statistics help in the growth of exports and achieve the highest profit margin.
64th ISI World Statistics Congress - Ottawa, Canada
Format: CPS Abstract
Session: CPS 52 - Finance and business statistics VI
Tuesday 18 July 4 p.m. - 5:25 p.m. (Canada/Eastern)
How did I benefit from the science of statistics in making money and achieving the highest profit margin?
For example, on today's date 11/20/2022.
1 euro equals 25 Egyptian pounds, while one kilo of oranges equals 5 Egyptian pounds in Egypt and in Italy, one kilo of orange equals 2.5 euros, which is equivalent to 62 Egyptian pounds, i.e. the price of oranges in Italy is 12 times the price in Egypt.
And through agricultural statistics and primary data, and using statistical methods, the volume of consumption was estimated from each type of agricultural crop, and I had the ability to predict the prices of items that would be cheap before they were put on the market, and therefore I had the precedence in contracting to export cheap goods to Europe, before they were offered In the markets in Egypt and before other exporters contract with them and increase their price in the markets because it is known that the rule of supply and demand is what governs prices.
Thus, the highest profit margin was achieved.
This study will present how the statistical methods were used in estimating the volume of consumption and predicting prices, based on the primary data of agricultural statistics in Egypt.