![]() Employ predictive analytics to run scenarios that will help guide future actions.Prove (or disprove) the validity of the model.Create a model to summarize an 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.Statistical analysis can be broken down into five discrete steps, as follows: ![]() 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. A sample, in statistics, is a representative selection drawn from a total population. 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. It can also be useful for business intelligence organizations that have to work with large data volumes. Statistical analysis can be used in situations like gathering research interpretations, statistical modeling or designing surveys and studies. Statistical analysis is the collection and interpretation of data in order to uncover patterns and trends.
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