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Business and Competitive Analysis: Effective Application of New and Classic Methods, Second Edition by Babette E. Bensoussan, Craig S. Fleisher

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18. Interpretation of Statistical Analysis

Statistical Analysis involves the manipulation of data using a variety of mathematical formulae and descriptions of situations using mathematical concepts. It enables simple descriptions of complex situations and can give predictive insights. In recent years, it has also become a key component in applying analytics to “big data” in generating business intelligence, a younger, “sister” field to the one predominantly described by the methods contained in this book.

The interpretation of the statistical analysis is the vital link between the manipulation of data and the practical application of the results to real-life problems.

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Statistics involves summarizing, analyzing, and graphing data. ...

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