What is statistical analysis? - Definition from WhatIs.com

Definition

statistical analysis

Statistical analysis is a component of data analytics. In the context of business intelligence (BI), statistical analysis involves collecting and scrutinizing every single data sample in a set of items from which samples can be drawn.

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. 

This was last updated in July 2014
Contributor(s): Stan Gibilisco
Posted by: Margaret Rouse

Related Terms

Definitions

  • cloud computing

    - What is cloud computing? To understand cloud computing, examine public, private and hybrid cloud, as well as PaaS, SaaS and IaaS cloud models. (searchCloudComputing.com)

  • business counterintelligence (business CI)

    - Business counterintelligence (business CI) is the collective efforts designed to protect an organization’s sensitive information from unauthorized access. (WhatIs.com)

  • intelligence (intel)

    - According to the FBI, intelligence is both the information itself and the processes used to collect and analyze it. "Intelligence" is used similarly in a number of other areas of endeavor that have... (WhatIs.com)

Glossaries

  • Business intelligence - business analytics

    - Terms related to business intelligence, including definitions about business analytics and words and phrases about gathering, storing, analyzing and providing access to business data.

  • Internet applications

    - This WhatIs.com glossary contains terms related to Internet applications, including definitions about Software as a Service (SaaS) delivery models and words and phrases about web sites, e-commerce ...

Ask a Question. Find an Answer.Powered by ITKnowledgeExchange.com

Ask An IT Question

Get answers from your peers on your most technical challenges

Ask Question

Tech TalkComment

Share
Comments

    Results

    Contribute to the conversation

    All fields are required. Comments will appear at the bottom of the article.