statistical analysis

Definition

A mathematical process used to summarize data from which inferences can be made as to the outcome with quantifiable confidence. Used to model a mathematical representation of en expected outcome and verify or discount certain assumptions and their relationship to the data.

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The statistical analysis was presented to the team during the weekly meeting as it had revealed new metrics to focus on.

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At our quarterly sales meeting, my boss asked me to present my findings from my statistical analysis of our various groups of customers to see how we did among them.

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We use statistical analysis to look at our energy usage for the month by looking at data, turning that data into a graphic model, and therefore helping us to save money on our bills.

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