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Applying Statistics Formula, Functions and Techniques on Business Data

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Applying Statistics

The decision making and drawing inferences from data is the whole activity of most managers. For that data is collected, analyzed, described and visualized in presentations for easy and quick understanding. As we go higher in the business hierarchy, data becomes less as it gets processed for information.

Descriptive Statistics

Most managers show interest only in crucial data-points and their impact from the complete dataset. They apply statistical functions, methods and techniques to understand and learn the data, which is the primary foundation of business. The visualizations in the form of graphs and charts help them to understand better which of their products most sold in a specific market at a particular time. Thus they gather all such type of descriptive statistics for their business.

Applying Statistics formula's they collect the what-if analysis reports. By viewing the last year reports or previous data, they project sales and thus control the production.

Inferential Statistics

The company does market analysis, for that, they conduct a survey study on a small subset of the market, and draw conclusions on that basis. The inferential statistics represent the entire market. The strategies applied in inferential statistics include sampling and models.

Data Mining Done by Google

There are companies which deal with billion of records like Google. The Google does algorithmic data analysis of the information it collects from different websites. Its said its statistical analysis include deep learning and machine learning techniques. The entire automated crawl process does a review of the extensive database it collects and creates. The goal of the crawl process as a whole or data mining is to list websites in its search directory by patterns and knowledge it puts in an algorithm. Thus giving the best listings the top positions on a searched keyword. The SEO researchers can further analyze and understand the listing structure and can try to reshape the content of their website to move ahead in a listing.

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