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The goal of statistical analysis is to identify trends. A retail business, for example, might use statistical analysis to find patterns in unstructured and semi-structured customer data that can be used to create a more positive customer experience and increase sales.

There are three real branches of statistics: data collection, descriptive statistics and inferential statistics. Let us look at these concepts in a little more detail.

Statistics transforms raw data into meaningful results. It is the science behind the identification, collection, organization, interpretation, and presentation of data. Data could be qualitative or quantitative. Statistics makes information-based decision-making easier.

There are two kinds of Statistics, which are descriptive Statistics and inferential Statistics. In descriptive Statistics, the Data or Collection Data are described in a summarized way, whereas in inferential Statistics, we make use of it in order to explain the descriptive kind.

It helps in planning almost everything. Statistics helps in collecting quantitative data. It helps in the decision-making process. Statistics help in the diagnosis of diseases in the medical field.

The five words population, sample, parameter, statistic (singular), and variable form the basic vocabulary of statistics.

Statistics offers methods to estimate and correct for any bias within the sample and data collection procedures. There are also methods of experimental design that can lessen these issues at the outset of a study, strengthening its capability to discern truths about the population.

Objectives of Statistical Analysis: Defining the type and quantity of data need to be collected. Organizing and summarizing the data. Analyzing the data and drawing conclusions from it. Assessing the strengths of the conclusions and evaluating their uncertainty.