What Is Statistical Analysis?

What Is Statistical Analysis?

Statistical analysis is the science of processing large amounts of data to uncover patterns and trends. Statistical analysis is useful for predicting future trends, identifying top-selling products and determining the lowest-performing employees.

There are four basic steps to statistical analysis. First, identify the problem by asking a question answerable through statistical data. Next, implement a data collection process, such as interviews, observations or experimentation. Organize the data collected into a manageable form, such as a graph. Then, analyze and summarize the data, emphasizing trends and looking for strengths and weaknesses. Finally, interpret the data to find an answer to the original problem.