A huge amount of numbers floods us daily. Most of them annoying, reminding you about the bank interest for your credit. Or you as a neighbor want to become a lotto millionaire, or you like online casino games, but you still did not have enough skills for the jackpot win – then this module is for you. We often accept them without thinking about what is behind them. We’ll tell you about statistical analysis as a component of data analytics.
Statistics is a mathematical discipline that studies the acquisition of information by analyzing and interpreting empirical data using probability theory. Statistical activity also includes the planning and organization of data collection through surveys and experiments. Statistical methods are applied in a wide range of areas, such as natural and social sciences, government and business.
One of the main subdivisions of statistics is descriptive statistics, which deals with the aggregation of systematized data. It is of particular importance in empirical research and the description of experimental results. Using statistical methods, the data can be analyzed, taking into account the randomness and uncertainty of the observations, and drawing conclusions on the regularities contained therein.
Statistical analysis has several steps:
- Describe the nature of the data to be analyzed.
- Find the relations of the data to the statistical model process.
- Create a model of data relations to different topics in nature, society and environment.
- Estimate does the model works or not.
- Elaborate several predictive analysis which can be helpful in future actions or protection.
The goal of statistical analysis is to identify trends, with the help of which high-precision forecasts can be made for different events.