Statistics & Data Analysis

Wienclaw, Ruth A.
April 2018
Statistics & Data Analysis -- Research Starters Business;4/1/2018, p1
Research Starter
Statistical data analysis is a tool to help us better understand the world around us and make sense of the infinite data with which we are constantly bombarded. In the business world, statistical data analysis can be used across the organization to help managers and others make better decisions and optimize the effectiveness and profitability of the organization. In particular, inferential statistical techniques are used to test hypotheses to determine if the results of a study occur at a rate that is unlikely to be due to chance. Statistical techniques are applied to the analysis of data collected through various types of research paradigms. However, although it would be comforting to assume that the application of statistical tools to the analysis of empirical data would yield unequivocal answers to aid in decision making, it does not. Without understanding the principles behind statistical methods, it is difficult to analyze data or to correctly interpret the results.


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