Limitation of utilization of statistic as an Managrial tool?

Question

Limitation of utilization of statistic as an Managrial tool?

Answer 1

Primary limitation is that statistics uses only mathematically strictly-predetermined data from past without economic planning and projections about future, thus it might ignore (skip) some important economic principles. External environment for any company is very dynamic thing and often may have sort of chaotic behavior. Relationships in economics tend to change over time because economics is humanitarian science, thus it tend to change with changes in society, but statistics understates it.