Unlock the Power of Statistical Analysis for Business Growth
Table of Contents
- jaro education
- 28, September 2023
- 4:00 pm
Statistical analysis is a critical deciding factor for shaping the future of any company. Any progressive organisation, regardless of its sector or size, needs to continue rigorous research to keep its venture growing exponentially. In other words, when it comes to business growth, statistical analysis acts as a predominant pillar to keep it moving in a prosperous direction. From marketing and staff performance to sales and inventory, everything needs to be statistically analysed to gain relevant insights and work on them.
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What is Statistical Analysis?
The process by which companies collect various data samples within a target population of buyers is termed statistical analysis. These are commemorated through different methods like polls, experiments, and surveys and then analysed by calculating the mode, mean, and median from the obtained data. After completing the calculations, managers have the responsibility to portray the figures in front of the stakeholders through graphical representations, tables, and charts to come up with a solution for the detected problem areas or deduce better ways to function within the organisation.
Statistical analysis is a game-changing tool that enables you to comprehend the patterns and changing trends viable among the target audience. It provides thoughtful insights into the shifting focus of customers toward similar products being offered by close competitors.
Methods Used for Statistical Analysis
Different methods are being used by various companies to carry out statistical analysis for various data sets. Here are the key methods that are predominantly used in most cases.
Mean (Average)
Also called an average, mean is one of the simplest statistical measures commonly used by people. By calculating the mean, you can represent the central tendency of a data set. For calculating the mean of a dataset, you need to sum up all the values in the dataset and then divide the sum by the number of data points. It is a method generally used to compare various data or summarise them.