Applications of the Method of Statistical Equations of Dependences for Assessment of Correlation between Economic Phenomena when Justifying Management Decisions

Studies devoted to economic activities of business enterprises are aimed at finding correlations between various factors and indexes of effectiveness, outlining tendencies, developing economic standards and forecasting. The sustained socio-economic development in Ukraine can be ensured by creating stable market relations through attracting and effective use of foreign investment, deeper integration of industry and science & technology sector, expanding foreign economic activities and more effective utilization of the resource capacities at regional level. This raises the importance of statistical analysis allowing for quantitative and qualitative assessment of the phenomena and processes underlying socio-economic trends in regions, for ranking of the country’s regions and ranking of countries in international comparisons. As a consequence, statistical support becomes increasingly import ant for justifying and making of management decisions on socio-economic development . A statistical approach to justification of management decisions, including socio-economic programs, is developed by use of the method of statistical equations of dependences. Key theses of the method of statistical equations of dependences, developed by Professor O. Kulynych, are set out. This method is extensively used in Ukraine and beyond. It enables for quantitative assessment of correlations and tendencies of phenomena and processes in nature and social life. The main tasks dealt with by the method of statistical equations of dependences are solving direct and inverse problems; finding the intensity of the factors’ impact on the dependent variable; constructing graphs of multiple correlations and finding the weight of a selected factor; analysis of functional dependences and correlations; analytical computations on the basis of numerous and not numerous sets of input data. The main equations of the method that can be solved by software are linear, parabolic, hyperbolic and logical functions, of which a researcher can select the appropriate ones to study a process on the basis of the available parameters and criteria with use of comparison ratios.