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### 1.pdf

• 1. Statistical analysis "Department of Economics, Entrepreneurship and Business Administration" https://econ.biem.sumdu.edu.ua/
• 2. 01 Definition of statistical analysis The rise of big data, machine learning, and technology in our society has created a high demand for statistical analysts. Therefore, statistical analysis as a branch of science has become an integral part of life. Statistical analysis is the process of collecting and analyzing large volumes of data in order to identify trends and develop valuable insights. In the professional world, statistical analysts take raw data and find correlations between variables to reveal patterns and trends to relevant stakeholders. This technique is useful for collecting the interpretations of research, developing statistical models, and planning surveys and studies. Statistical analysis involves working with numbers and is used by businesses and other institutions to make use of data to derive meaningful information.
• 3. 02 TYPES OF STATISTICAL ANALYSIS Descriptive Analysis Inferential Analysis Prescriptive Analysis Predictive Analysis Causal Analysis helps describe, show or summarize data points in a constructive way such that patterns might emerge that fulfill every condition of the data. is usually presented in the form of charts, graphs, and tables. takes the results of descriptive statistics one step further by drawing conclusions from the data and then making recommendations. Inferential statistical analysis is often used by businesses to inform company decisions. is the process of using data to determine an optimal course of action. By considering all relevant factors, this type of analysis yields recommendations for next steps. is a type of statistical analysis that analyzes data to derive past trends and predict future events on the basis of them. It uses machine learning algorithms, data mining, data modelling, and artificial intelligence to conduct the statistical analysis of data. focuses on determining the cause and effect relationship between different variables within the raw data. In simple words, it determines why something happens and its effect on other variables.
• 4. 03 Importance of Statistical Analysis Statistical analysis eliminates unnecessary information and catalogs important data in an uncomplicated manner, making the monumental work of organizing inputs appear so orderly. The statistical analysis aids in the effective design of laboratory, field, and survey investigations. Statistical approaches are used in the job of a businessman, a manufacturer, and a researcher. Statistics departments can be found in banks, insurance businesses, and government agencies. Statistical analysis can help in projecting the future financial needs of your company. This is important in ensuring that you get enough time to plan for expansion. *Evaluating the productivity of your team members and departments and identifying measures you can take to boost productivity. Politicians can utilize statistics to support and validate their claims while also explaining the issues they address. Statistical analysis may help with solid and efficient planning in any subject of study. Statistics have long been of great importance to engineers, providing a powerful tool for understanding the data collected from experiments and other activities.
• 5. Standard Deviation 1. it analyzes the deviation of different data points from the mean of the entire data set. Standard deviation is mainly used when you need to determine the dispersion of data points (whether or not they’re clustered). 2. Hypothesis Testing can be used to test the validity or trueness of a conclusion or argument against a data set. It allows for comparing the data against various hypotheses and assumptions. It can also assist in forecasting how decisions made could affect the business. 3. Mean When this method is used it allows for determining the overall trend of a data set, as well as the ability to obtain a fast and concise view of the data. Users of this method also benefit from the simplistic and quick calculation. 4. Regression is a statistical tool that helps determine the cause and effect relationship between the variables. It determines the relationship between a dependent and an independent variable. 5. Sample size determination Sample size determination or data sampling is a technique used to derive a sample from the entire population, which is representative. This method is used when the size of the population is very large. Statistical Analysis Methods The 5 most used and popular methods of statistical analysis:
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