Statistical Analysis Process
Statistical analysis is the scientific tool of collecting, collating, analyzing and presenting data to explore and unearth underlying patterns and trends. Five steps are involved during the analysis process:
· Describe the data to be analyzed
· Unearth relation of the data to the underlying population
· Summarize and create model
· Validate model
· Use predictive analytics to anticipate the future
There are two types of statistical analysis that include: descriptive analysis and inferential analysis. Descriptive analysis describes the nature of data. While inferential analysis infers characteristics of the underlying population.
· Estimates: a value that approximates parameter of interest
· Confidence intervals: it is a statistical measure of how accurate the model predicts the data that is recorded.
· Credible intervals: a standardizing measure of confidence interval