Definition

statistical analysis

Statistical analysis is an aspect of business intelligence (BI) that involves the collection and scrutiny of business data and the reporting of trends. Statistical analysis examines every single data sample in a population (the set of items from which samples can be drawn), rather than a cross sectional representation of samples as less sophisticated methods do.

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 anticipate future trends.

Besides statistical analysis, BI applications include the activities of decision support systems (DSS), query and reporting, online analytical processing (OLAP), forecasting, and data mining.

This was last updated in October 2012
Contributor(s): Stan Gibilisco
Posted by: Margaret Rouse

Related Terms

Definitions

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.