# Statistical Analysis

## What is Statistical Analysis?

Statistical Analysis refers to the process of learning the opinions of a larger population about a certain sample. Inferences regarding the targeted market, general population, and consumer cohorts are drawn by conducting research to predict the characteristics and behavior of the many by judging a few.

## Difference between Data Analysis and Statistical Analysis

While data analysis is the process of reporting, presenting, and inspecting data; statistical analysis rather has a different purpose. This process applies statistical methods to gain a particular understanding of a population and is exceptionally beneficial in the case of Consulting for Statistical Analysis.  ## What is Statistical Analysis?

Statistical Analysis refers to the process of learning the opinions of a larger population about a certain sample. Inferences regarding the targeted market, general population, and consumer cohorts are drawn by conducting research to predict the characteristics and behavior of the many by judging a few.

## Difference between Data Analysis and Statistical Analysis

While data analysis is the process of reporting, presenting, and inspecting data; statistical analysis rather has a different purpose. This process applies statistical methods to gain a particular understanding of a population and is exceptionally beneficial in the case of Consulting for Statistical Analysis.

### Data Analysts use four main types of data analysis:

1. Diagnostic analytics: Analytics that focus on whys.
2. Predictive analytics: Analytics that predict a certain outcome in the future.
3. Prescriptive analytics: Analytics that suggest a series of actions.
4. Descriptive analytics: Analytics that show what has happened over a certain period.

### Similarly, statistical analysts use only two types of statistical analysis:

1. Descriptive statistics: Describes the properties of population data based on a sample.
2. Inferential statistics: Use the drawn properties to make conclusions and test hypotheses.

## Steps of Statistical Analysis

Five discrete steps are how statistical analysis can be broken down for the execution of any Statistical Analysis Service. Let’s go through each of them:

1. Aim for the data nature to be analyzed.
2. Explore the relationship between the underlying population and the data.
3. To understand the relationship between the data and the said population, create a summary model.
4. Prove the validity or invalidity of the model.
5. Design such scenarios that will help support future actions.

Even though statistical analysis and data analytics aren’t mutually exclusive, they have their own respective roles of high importance. Without data analysis, we would not really be establishing well-layered data; without statistical analysis, we would not have general information about a certain population’s needs and wants. Therefore, this process becomes a sort of a requirement when it comes to Consulting for Statistical Analysis.

We hope this write-up has given you useful knowledge and the know-how of Statistical Analysis.

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