Overview
Statistical analysis is the science of collecting, exploring, and presenting large amounts of data to discover underlying patterns and trends. It is a fundamental component of data science and analytics, providing the mathematical framework for making inferences from data.
Key Types
- Descriptive Statistics: Summarizing the characteristics of a dataset.
- Inferential Statistics: Making predictions or generalizations about a larger population based on a sample.
Importance
Statistical analysis allows organizations to move beyond simple observation to understand the 'why' behind data, enabling evidence-based decision-making and predictive modeling.