Statistical analysis is the use of probability distributions to solve problems. The following a few statistical analysis techniques that are commonly used in business scenarios.The use of behavioral analytics to study the behavior of a particular group of people, known as a cohort.
Data DredgingData dredging is a brute force method of data analysis that tries to match known statistical models to large sets of data. At risk of finding patterns that are meaningless noise.The analysis of a large repository of data to find meaningful patterns of information. Typically starts with a hypothesis that you want to confirm with data.
Probability DistributionA probability distribution is a function that predicts the results of a set of experiments over a large sample space.A statistical method of investigating the relationships between variables. For example, regression analysis can be used to plot the relationship between two variables on a graph.
Statistical ModelA probability distribution constructed to support data analysis.
Statistical PopulationA set of observations that share a set of properties. For example, the set of all coffee drinkers in Japan.
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