Interpretation of Statistical Analysis


What is Statistical Analysis:

Statistical Analysis involves the manipulation of data using a variety of mathematical formulae and descriptions of situations using mathematical concepts. It enables simple descriptions of complex situations and can give predictive insights.

In recent years, it has also become a key component in applying analytics to “big data” in generating business intelligence and insights.

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The interpretation of the statistical analysis is the vital link between the manipulation of data and the practical application of the results to real-life problems.

The purpose of Statistical Analysis:

Statistical Analysis helps answer and address key topics and questions such as:

  • How much concentration is there of sellers in our industry? Has this increased or decreased over the last five years, and if so by how much in total?
  • What is the mean/median level of sales in our industry along with its standard deviation for each of the last five years?
  • What is the seasonal nature of the relationship between our sales and part-time employment levels in the country?
  • What would be the effect on our annual revenues of a 2% permanent decrease in the average selling price of our top product line?
  • What is the three-year rolling average rate of return on assets for our company versus its top rivals over the last decade?
  • What is the variance of the annual average revenues of our company’s product sales in comparison to its top rivals?

What is included in the Statistical Analysis PDF:

  • Background about the origin of Statistical Analysis
  • Strategic rationale and implications of Statistical Analysis
  • Key topics and questions addressed by Statistical Analysis
  • Strengths and advantages of Statistical Analysis
  • Weaknesses and limitations of Statistical Analysis
  • A step by step process for applying the Statistical Technique
  • Statistical Worksheet
  • FAROUT© Summary about Statistical Analysis
  • Related Tools and Techniques
  • References


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