On November 2, 2026, a masterclass entitled “From numbers to sound decisions: the role of statistical indicators in real life and business” was held at Mingachevir State University (MDU).
Organized by Tarana Suleymanova, Senior Lecturer in the Department of Economics, the event featured Etibar Yagublu, Chief Adviser at the State Statistical Committee of the Republic of Azerbaijan, as the trainer. The main objective of the masterclass was to improve students’ statistical literacy, support the practical application of theoretical knowledge, and develop their data-driven decision-making skills.
The trainer emphasized that statistics is an important tool for understanding events, identifying problems, and making informed decisions in everyday life, economic relations, and business activities. The importance of correctly analyzing and interpreting statistical data in assessing socioeconomic processes, using resources efficiently, and planning for sustainable development was also discussed.
During the masterclass, students were introduced to methods of collecting, grouping, organizing, and analyzing statistical data. The nature of absolute, relative, and average measures, their calculation methods, and practical applications were explained through examples.
The practical applications of statistical analysis were explored using indicators such as household income, wages, price changes, consumer expenditure, unemployment rates, and businesses’ sales and production figures. Attention was paid to examining the impact of inflation on purchasing power and changes in sales volumes and profits through statistical indicators.
The training also introduced methods for visualizing data using tables, graphs, and charts, comparing indicators, and correctly interpreting results. The contribution of these approaches to developing students’ analytical thinking and preparing them for their future professional activities was highlighted.
The masterclass helped strengthen students’ statistical knowledge and expand their analytical skills through real-life and business examples. The event contributed to promoting quality education, practical learning, and a culture of responsible decision-making.