Prove (or disprove) the validity of the model.Create a model to summarize understanding of how the data relates to the underlying population. Explore the relation of the data to the underlying population.Describe the nature of the data to be analyzed.They said five steps are taken during the process, including: They point to specific ways in which statistical analysis is completed. “Statistical analysis examines every single data sample in a population (the set of items from which samples can be drawn), rather than a cross sectional representation of samples as less sophisticated methods do,” TechTarget writes on its website. The online technology firm describes statistical analysis as an aspect of business intelligence that involves the collection and scrutiny of business data and the reporting of trends. It can also be thought of as a scientific tool that can inform decision making. It’s a method of using numbers to try to remove any bias when reviewing information. Statistics (or statistical analysis) is the process of collecting and analyzing data to identify patterns and trends. While organizations have lots of options on what to do with their big data, statistical analysis is a way for it to be examined as a whole, as well as broken down into individual samples. In an effort to organize their data and predict future trends based on the information, many businesses rely on statistical analysis.
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