Predictive analysis is using data to make a definitive conclusion about an anticipated event.
For example, businesses can use inferential statistical analysis to predict how sales of certain items would go. Inferential statistical analysis describes making a conclusion based on incomplete data. Often, this means presenting data into a visual format such as graphs or charts.ĭescriptive statistical analysis may be the type of analysis your small business is most familiar with, as it can take the form of profit/loss statements, inventory charts, sales breakdowns, etc. This type of analysis involves converting data into an easily understandable, descriptive form. Generally speaking, there are seven types of statistical analysis.
#STATISTICAL DATA ANALYSIS METHODS SOFTWARE#
All you need is some sort of software (such as Microsoft Excel or other data tools). There are many types of statistical analysis, some of which are simple while others are more complex.įortunately for small-business owners, you don’t need an advanced math degree to conduct statistical analysis. Types of statistical analysis (statistical methods) While the term itself can be intimidating, such methods are usable by anyone, including small-business owners. Statistical analysis takes many forms (known as statistical methods). Statistical analysis helps you understand trends, interpret data, and make conclusions, all of which can facilitate insights that you can use to improve your business. It is defined as the science of viewing large swaths of data. What is statistical analysis?Īt its core, statistical analysis lets you look at data and make conclusions. When done right, statistical analysis can yield insights about things such as customer behavior or your profit margin so you can identify improvement areas. Here’s the truth: There are some less-fun things you need to do at your small business if you want to be successful. Odds are good you had a service or product in mind that you wanted to bring to market. When you formed your small business, you probably weren’t thinking much about math, data, and science. Using your data wisely comes down to using the right statistical analysis method.
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