The best way to perform these tasks is to use statistical software that allows companies to collect, analyze, and manage data. Moreover, companies need statistical techniques to conduct market research, determine whether there is sufficient demand for products and services, and develop products or services that meet the needs of their customers.

Also, businesses need to summarize data and generate reports that play a vital role in business decision-making processes. This involves collecting data about employee performance and analyzing it to maximize employee productivity. Every business needs to use statistical methods for a number of reasons.įor instance, companies use statistical methods for performance management purposes. The most successful businesses use software to analyze all kinds of data including sales, employee, and customer data.

We are living in the big data era where technology plays an important role in making critical business decisions. The two main statistical methodologies, which are used in data analysis in some of the proprietary statistical packages used in statistical analysis are descriptive statistics and inferential statistics.ĭescriptive Statistics, summarizes data from a sample using indexes such as the mean or standard deviation, and Inferential Statistics, draws conclusions from data that are subject to random variation such as observational errors, and sampling variation. Specialized computer programs which are used for collection, organization, analysis, interpretation and statistical presentation of data are known as statistical software.

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