Browse Definitions :
Definition

statistical analysis

Statistical analysis is the collection and interpretation of data in order to uncover patterns and trends. It is a component of data analytics. Statistical analysis can be used in situations like gathering research interpretations, statistical modeling or designing surveys and studies. It can also be useful for business intelligence organizations that have to work with large data volumes.

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

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. 

Steps of statistical analysis

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 an 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.

Statistical analysis software

Software for statistical analysis will typically allow users to do more complex analyses by including additional tools for organization and interpretation of data sets, as well as for the presentation of that data. IBM SPSS Statistics, RMP and Stata are some examples of statistical analysis software. For example, IBM SPSS Statistics covers much of the analytical process. From data preparation and data management to analysis and reporting. The software includes a customizable interface, and even though it may be hard form someone to use, it is relatively easy for those experienced in how it works.

This was last updated in September 2020

Next Steps

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

Continue Reading About statistical analysis

SearchCompliance
  • OPSEC (operations security)

    OPSEC (operations security) is a security and risk management process and strategy that classifies information, then determines ...

  • smart contract

    A smart contract is a decentralized application that executes business logic in response to events.

  • compliance risk

    Compliance risk is an organization's potential exposure to legal penalties, financial forfeiture and material loss, resulting ...

SearchSecurity
  • DOS (disk operating system)

    A DOS, or disk operating system, is an operating system that runs from a disk drive. The term can also refer to a particular ...

  • private key

    A private key, also known as a secret key, is a variable in cryptography that is used with an algorithm to encrypt and decrypt ...

  • security token

    A security token is a physical or digital device that provides two-factor authentication for a user to prove their identity in a ...

SearchHealthIT
SearchDisasterRecovery
  • What is risk mitigation?

    Risk mitigation is a strategy to prepare for and lessen the effects of threats faced by a business.

  • change control

    Change control is a systematic approach to managing all changes made to a product or system.

  • disaster recovery (DR)

    Disaster recovery (DR) is an organization's ability to respond to and recover from an event that affects business operations.

SearchStorage
  • What is RAID 6?

    RAID 6, also known as double-parity RAID, uses two parity stripes on each disk. It allows for two disk failures within the RAID ...

  • PCIe SSD (PCIe solid-state drive)

    A PCIe SSD (PCIe solid-state drive) is a high-speed expansion card that attaches a computer to its peripherals.

  • VRAM (video RAM)

    VRAM (video RAM) refers to any type of random access memory (RAM) specifically used to store image data for a computer display.

Close