Analyse statistics – make decisions based on data results
Statistics analysis is the method of collecting, exploring, inspecting, modelling and presenting tons of data to find out patterns lying underneath and then make decisions based on these findings. Today statistics is used everywhere-business, schools, colleges, Government organisations etc and it helps in becoming more scientific while decision making. Statistics is used by manufacturers to create good fabrics, in airline industry and even guitarists use it to create beautiful music. Communication companies use them for improving service and get proper idea of requirement of subscribers. Statistics analysis is also used for production of vaccines which in return keep children healthy. Government agencies also use statistics for having a proper understanding of their nation, business and their citizens. Today every product we see around starting from toothpaste tubes to planes every product is getting improved by statistics analysis.
Statistics analysis is also a very important aspect, however just the availability of statistical data does not necessarily help in good decision making. For using statistics to make an informed decision it is important to have all the skill and knowledge to analyse statistical information. These help in understanding the complicated social, economical and environmental aspects of an issue and help in changing that data into useful information. Statistical analysis can be done effectively by following certain aspects like data awareness which involves knowing what data is important and what types of data are available, accessing the data sets, applying statistical concepts, doing proper graphical data representation, analysing the limitation of data resources and also finding out the information needed to specify objectives as well as create expectations.
Statistical analysis involves collecting data sample as items from where several samples can be created. It can be divided into various steps which are as follows. First the nature of the data should be analysed then one should explore the relation of the data with the underlying population. Then a model should be created for a proper summary and then the validity of the model should be proved or disproved. Then various analytics can be used effectively as a tool. The aim of statistics is to find patterns, structures and give a good positive customer experience to increase sales.
However there are various pitfalls too in analysing statistics. It can be used to reach out to wrong conclusions and misleading information can destroy the whole process of advertising of a brand. Hence a correct analysis can help someone know the truth and avoid misleading information. Survey questions are many times manipulated and this thing has been happening many times starting from elections to market surveys. Sometimes it happens without intentions for which one needs to be extra careful. There is no mathematical way to determine whether a question is biased. Hence for all these above reasons one should not just look at numbers but also find out the meaning behind such numbers. Statistics is a method for proper reasoning and analysis and it should supplement the knowledge of the area in studying.