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Statistical analysis is a component of data analytics.
In the context of business intelligence (BI), statistical analysis involves collecting and scrutinizing
every data sample in a set of items from which samples can be drawn. A sample, in statistics, is
a representative selection drawn from a total population.
Statistical analysis can be broken down into five discrete steps, as follows:
---Describe the nature of the data to be analyzed.
---Explore the relation of the data to the underlying population.
---Create a model to summarize understanding of how the data relates to the underlying population.
---Prove (or disprove) the validity of the model.
---Employ predictive analytics to run scenarios that will help guide future actions.
The goal of statistical analysis is to identify trends. A retail business, for example, might use statistical
analysis to find patterns in unstructured and semi-structured customer data that can be used to create a
more positive customer experience and increase sales.
You can use Microsoft excel to conduct simple statistical analysis. There are also other statistical
software out there, one is Minitab.
Get accurate analysis on your data, learn statistics today!
In the context of business intelligence (BI), statistical analysis involves collecting and scrutinizing
every data sample in a set of items from which samples can be drawn. A sample, in statistics, is
a representative selection drawn from a total population.
Statistical analysis can be broken down into five discrete steps, as follows:
---Describe the nature of the data to be analyzed.
---Explore the relation of the data to the underlying population.
---Create a model to summarize understanding of how the data relates to the underlying population.
---Prove (or disprove) the validity of the model.
---Employ predictive analytics to run scenarios that will help guide future actions.
The goal of statistical analysis is to identify trends. A retail business, for example, might use statistical
analysis to find patterns in unstructured and semi-structured customer data that can be used to create a
more positive customer experience and increase sales.
You can use Microsoft excel to conduct simple statistical analysis. There are also other statistical
software out there, one is Minitab.
Get accurate analysis on your data, learn statistics today!
