BUS 229 Statistical Analysis

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Statistical Analysis is basically the process of obtaining accurate and understandable results. The final digital grade you receive on this BUS 229 Statistical Analysis course will depend on your performance in three areas: communication, accuracy, and procedures.

Statistical analysis is the science of collecting data and identifying patterns and trends. It's actually just another way of saying statistics. After collecting the data, you can examine it as:

• Summary data. For example, make a pie chart.
• Find key location metrics. For example, a mean can tell you the mean (or "median") value in a dataset.
• Calculate Distribution Metrics. These metrics can tell you if the data is highly clustered or more distributed. Standard deviation is one of the most commonly used scatter metrics; it shows the average range of the data distribution.
• Make predictions for the future based on past behavior. This is especially useful in retail, banking, manufacturing, sports, or any other organization that knows future trends.
• Test the hypothesis of the experiment. Collecting data from experiments will only tell the story when you examine the data. This statistical analysis is more formally called "hypothesis testing," in which a null hypothesis (an accepted theory) is confirmed or refuted.

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