Browse Definitions :
Definition

statistical analysis

Contributor(s): Stan Gibilisco

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. 

See an introductory Statistics tutorial:

This was last updated in July 2014

Next Steps

Is the data mining process getting simplified through SAS Enterprise Miner?

Continue Reading About statistical analysis

Join the conversation

1 comment

Send me notifications when other members comment.

Please create a username to comment.

Every part of this definition is terrible.
Statistics analysis is using the mathematics of probability and uncertainty to make inference about a population, based on a random sample from that population.
"Predictive analytics" and "data analytics" would probably be considered subcategories of statistical analysis.
Cancel

-ADS BY GOOGLE

File Extensions and File Formats

Powered by:

SearchCompliance

  • compliance audit

    A compliance audit is a comprehensive review of an organization's adherence to regulatory guidelines.

  • regulatory compliance

    Regulatory compliance is an organization's adherence to laws, regulations, guidelines and specifications relevant to its business...

  • Whistleblower Protection Act

    The Whistleblower Protection Act of 1989 is a law that protects federal government employees in the United States from ...

SearchSecurity

  • orphan account

    An orphan account, also referred to as an orphaned account, is a user account that can provide access to corporate systems, ...

  • voice squatting (skill squatting)

    Voice squatting is an attack vector for voice user interfaces (VUIs) that exploits homonyms (words that sound the same but are ...

  • WPA3

    WPA3, also known as Wi-Fi Protected Access 3, is the third version of the security certification program developed by the Wi-Fi ...

SearchHealthIT

SearchDisasterRecovery

  • business continuity policy

    Business continuity policy is the set of standards and guidelines an organization enforces to ensure resilience and proper risk ...

  • business continuity and disaster recovery (BCDR)

    Business continuity and disaster recovery (BCDR) are closely related practices that describe an organization's preparation for ...

  • warm site

    A warm site is a type of facility an organization uses to recover its technology infrastructure when its primary data center goes...

SearchStorage

  • cache memory

    Cache memory, also called CPU memory, is high-speed static random access memory (SRAM) that a computer microprocessor can access ...

  • enterprise storage

    Enterprise storage is a centralized repository for business information that provides common data management, protection and data...

  • disk array

    A disk array, also called a storage array, is a data storage system used for block-based storage, file-based storage or object ...

Close