What is statistical analysis? (2024)

FAQs

What is the meaning of statistical analysis? ›

Statistical analysis is the process of collecting and analyzing data in order to discern patterns and trends. It is a method for removing bias from evaluating data by employing numerical analysis.

For example, you can use descriptive statistical analysis to find the average age of drivers with a ticket in a municipality. Descriptive statistics can also find the measure of spread. For example, you can find the age range of drivers with a DUI and at-fault car accidents in a state.

The five basic methods are mean, standard deviation, regression, hypothesis testing, and sample size determination. It is widely used by governments, businesses, banking entities, insurance companies, etc.

Many businesses rely on statistical analysis to organize collected information and predict future trends based on that data. While organizations have lots of options on what to do with their big data, statistical analysis is a way to examine that data as a whole, as well as break it down into individual samples.

Two main statistical methods are used in data analysis: descriptive statistics, which summarizes data using indexes such as mean and median and another is inferential statistics, which draw conclusions from data using statistical tests such as student's t-test.

Broadly, while data analytics observes trends and patterns in data, Statistics validates those theories using scientific processes.

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.

Statistical methods involved in carrying out a study include planning, designing, collecting data, analysing, drawing meaningful interpretation and reporting of the research findings. The statistical analysis gives meaning to the meaningless numbers, thereby breathing life into a lifeless data.

What are some examples of statistics? Statistics can be used in real life to plan budgets, determine the best routes to travel, find the best prices for products bought and sold, and the best times to perform various daily activities.

For example, a fitness tracker may report that you've taken an average of 10,000 steps per day over the past week, or a nutrition app might tell you that you've consumed an average of 2,000 calories per day. These statistics can help you understand your habits and make informed decisions about your health.

How do you write a statistical analysis method? ›

Statistical methods should be described in details, including type of the test used for either linear or nonlinear measurements. In addition, describe any other method used to examine subgroups variables. The software used should be stated with the version and source.

adjective. sta·​tis·​ti·​cal stə-ˈti-sti-kəl. : of, relating to, based on, or employing the principles of statistics. statistical analysis.

Simply select a cell in a data range > select the Analyze Data button on the Home tab. Analyze Data in Excel will analyze your data, and return interesting visuals about it in a task pane.

Microsoft Excel is one of the most used programs for data analysis, with the built-in pivot tables being the most popular analytic tool.

T-tests are used when comparing the means of precisely two groups (e.g., the average heights of men and women). ANOVA and MANOVA tests are used when comparing the means of more than two groups (e.g., the average heights of children, teenagers, and adults).