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's an old saying in business: If you can measure it, you can manage it. What's measurable is almost always presented in the form of statistics.
Experts use statistics to understand large and complex sets of data. Statistics are also helpful with surveys, which legislators use to affect policy. Knowing how statistics work is important for fully understanding news reports.
In the world of statistics, there are two categories you should know. Descriptive statistics and inferential statistics are both important. Each one serves a purpose.
The field of education has a number of challenges in terms of policy planning, and statistics are particularly important as they often provide some of the only objective information that administrators use when making organizational and curricular decisions. Without this hard data in place, often no
The importance of statistics in economics starts with economics research methods. These are used to collect and analyze data for factors, such as per capita income and inflation rate.
A "what if" analysis occurs when a Microsoft Excel user changes the values of cells to see alterations of formulaic outcomes elsewhere on the worksheet. As of November 2014, three different types of "what if" analysis tools come with Excel, including scenarios, data tables and "Goal Seek." This type
A statistical question is a question that can be answered using data that may vary. Any question that may be answered by a single number or answer is not considered a statistical question.
Statistical quality control is important because it uses statistical methods to monitor the quality of a product. This type of auditing maximizes manufacturing productivity and minimizes errors associated with human judgement.
Health statistics provide a clear indicator as to the well-being of a population, individual or country, according to the U.S. National Library of Medicine. Statistics in medicine help assess patients and provide insight into subgroups within a population.