Statistical analysis isn’t just for sports geeks and political pollsters. In this primer, you’ll learn about the many ways statistics can affect your world.
Statistical Analysis Defined What is statistical analysis? It’s the science of collecting, exploring and presenting large amounts of data to discover underlying patterns and trends. Statistics are applied every day, bydata scientistsand others – in research, industry and government – to become mor...
Statistical analysis can be valuable and effective, but it’s an imperfect approach. Even if the analyst or researcher performs a thorough statistical analysis, there may still be known or unknown problems that can affect the results. Therefore, statistical analysis is not a one-size-fits-all pr...
The goal of statistical analysis is to identify trends. A retail business, for example, might use statistical analysis to find patterns inunstructuredand semi-structured customer data that can be used to create a more positive customer experience and increase sales. Steps of statistical analysis Sta...
Cluster analysis is a data analysis method that groups objects that are closely associated within a given data set, which we can use in machine learning.
Statistical analysis occurs when we collect and interpret data with the intention of identifying patterns and trends. Learn more about it.
Many businesses rely on statistical analysis to organize collected information and predict future trends based on that data. While organizations have lots of options on what to do with their big data, statistical analysis is a way to examine that data as a whole, as well as break it down int...
A couple of examples:The average height of a man in the world is 5’10” [2]. This is a statistic because it describes a population, in this case the population of men in the world. In real life, we never survey everyone — asking all 3+ billion men in the world isn’t possible...
Analytics is used by businesses of all sizes, in all industries – from retail and healthcare to sports. Many analytics solutions are tailored to an industry, or to a specific purpose or line of business. Here are just a few examples of analytics today: ...
Predictive analytics uses statistical analysis, deep learning, and machine learning algorithms to identify and analyze patterns in historical and current data and then forecast the likelihood that those patterns will appear again. Your specific workflow will depend on the types of data you’re working...