Introduction: There are several tools of data analysis, and statistics is one of them. This tool is a time-tested one and is a mathematical way of collecting, analyzing, and presenting data. The data is usually collected through samples, surveys, and research. It is then studied thoroughly, and finally a report is prepared from the results, and conclusions are made.
Conducting statistical data analysis needs a thorough understanding of the subject. Hence, it is essential to study the internal organizational systems, its practices, its procedures, processes, and its application methods. A comprehensive data analysis is required for successful report writing. The purpose of conducting data analysis is to arrive at a business solution or to review the performance of a business enterprise. It is obvious that, after analyzing the data, a report will be prepared to that effect.
Some important steps for carrying out a statistical data analysis are discussed here.
• Study minutely: This is the first step for data analysis. You have to go to the grass-roots level to study the data minutely. An eye for detail and ability to gather information are the skills that would be required for studying the data minutely. This is the time when the problem is identified and defined. Unless you define the problem accurately, you cannot offer an accurate solution.
• Comprehend data: Once you gather information, it is important to comprehend the information that you have collected. Not all data is important. In the process of collating datum you might have ended up gathering unwanted information. Scrutinize the data carefully and check what is important and useful. Data overload can ruin your statistical study.
• Application of theories: Statistical theories are used for analyzing data. The common theory used is of probability, which is very important, since it helps in measuring and analyzing the uncertainties regarding future events.
This kind of statistical analysis also helps in estimating the effects of the suggested changes or improvements. Thus, business organizations can benefit a great deal with the help of statistical data analysis.