Learn what statistical analytics is and how it can be used to collect, analyze, and interpret data. This blog covers statistical analysis types, methods, and more.
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...
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...
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...
Statistical analysis occurs when we collect and interpret data with the intention of identifying patterns and trends. Learn more about it.
Here, I'll break down the five types of data analysis, offer examples for each, and walk you through how to use your insights. Table of contents: What is data analysis? Why is data analysis important? Types of data analysis (with examples) Data analysis process: How to get started ...
Examples of people analytics People analytics in HR encompasses various aspects of the employee lifecycle. Examples of people analytics include: Attrition prediction. This involves analyzing historical data to identify patterns and factors leading to team member turnover, giving you the ability to predict...
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...
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: ...
The Durbin Watson (DW) statistic is a test for autocorrelation in the residuals from a statistical model or regression analysis. The Durbin-Watson statistic will always have a value ranging between 0 and 4. A value of 2.0 indicates there is no autocorrelation detected in the sample. Values fro...