Title: What is Statistical Analysis? - businessnewsdaily.com
Headings: What Is Statistical Analysis?
What Is Statistical Analysis?
Editor
Statistical analysis is, according to one service provider, "the science of collecting, exploring and presenting large amounts of data to discover underlying patterns and trends."
Statistical analysis defined
Types of statistical analysis
Descriptive statistics
Statistical interference
The statistical analysis process
Benefits of statistical analysis
Statistical analysis software
Features
Chad Brooks
Business News Daily Staff

Content: An interval constructed using a data set drawn from a population so that, under repeated sampling of such data sets, such intervals would contain the true parameter value with the probability at the stated confidence level is defined as a confidence interval. In other words, the confidence interval is a measure of how well the model predicts the data that is actually recorded. Credible intervals: A set of values containing, for example, 95% of posterior belief is referred to as a credible interval. It’s a way of standardizing confidence intervals. When you read about a study with 95% confidence, they are referencing a credible interval. In the end, descriptive statistics are used to describe the data, while inferential statistics are used to infer conclusions and hypotheses about the same information. In the end, descriptive statistics are used to describe the data, while inferential statistics are used to infer conclusions and hypotheses about the same information. Benefits of statistical analysis
Is it really worth investing in big data and statistical analysis? The best way to answer that question is to explore the benefits.