Statistical Analysis in Business – Methods, Types, & Free Business Samples

🔝 Top-10 Statistical Analysis in Business Examples
📊 What Is Statistical Analysis?
🤔 How to Do Statistical Analysis
🏆 Best Statistical Analysis Research Titles

Are you curious to learn more about statistical analysis in business? If so, this article is for you! On this page, we’ll familiarize you with statistical analysis and discuss its purposes, methods, and benefits for companies and their development. Keep reading if this is what you’ve been searching for.

🔝 Top-10 Statistical Analysis in Business Examples

📊 What Is Statistical Analysis?

Statistical analysis is a process that involves systematizing and interpreting data through methods such as measurement, monitoring, collection, comparison, and analysis. It can reveal patterns and trends that organizations can use to build future business prospects and predict upcoming market changes. By conducting statistical analysis and interpreting the results, businesses can gain useful insights that can inform decision-making and improve their chances of success.

What Is the Purpose of Statistical Analysis in Business?

The statistical analysis aims to identify relevant information, draw conclusions, and make informed decisions. By making rational predictions of their financial state, companies can adopt solutions that lead to cost reduction and increase the productivity and efficiency of their commercial activities. Statistical analysis is a powerful tool that can help organizations understand their business and market trends and make better decisions to improve their overall performance.

What Is a Statistical Analysis Tool?

Statistical analysis tools can summarize, describe and compare the obtained information. They help to cope with large data volumes and study them in detail. Perhaps the most well-known tool for this analysis is Microsoft Excel. However, some analysts prefer more complex programs with advanced algorithms for processing information. It’s also true that many companies often use quantitative analysis, which is a helpful mathematical approach.

🤔 How to Do Statistical Analysis

In this section, we’ll discuss possible ways to conduct a statistical analysis to fulfill business needs. If you’re interested in the types and methods available, keep reading.

Types of Statistical Analysis

There are two main statistics types in business:

Inferential statistics – This is a set of tools experts use to draw conclusions based on the characteristics of a representative sample. Based on their findings, they can determine the reliability of the data and provide a comprehensive picture of the subject under analysis. Such statistics summarize relatively large data groups, such as estimating the average demand for a product by surveying a sample of customer consumption habits.
Descriptive statistics – This type of statistics deals with central tendency, variability, and distribution of sample data. It relies on graphs, tables, and diagrams that arrange the information to make it understandable and manageable. Also, descriptive data include median, average, mode, standard deviation, and range. Descriptive statistics helps experts understand the aggregate properties of data sample items, test hypotheses, and make predictions through statistical output.

Statistical Analysis Methods

When it comes to methods of statistical analysis, there are three different types. In this section, we will talk about each method in detail.

1. Single Variable Linear Regression	It’s a set of statistical methods to estimate the relationship between two variables. It can be used to model the future dependence of the variables and assess the degree of their correlation. The essence of the method is to point out changes in the independent variables and get data about their impact on the dependent variables. For example, a company can track the correlation between marketing expenditures and company revenues.
2. Null Hypothesis	A hypothesis is a statement that makes an assumption based on general beliefs or historical experiences, such as the idea that an increase in interest rates leads to a decrease in the number of borrowers. Researchers create hypotheses and attempt to disprove them to verify their validity. Considering the possibility of no correlation or pattern between the variables is essential, which is why this method is used to test assumptions.
3. Multiple Regression	Companies can apply this methodology when they have several factors and variables. Thus, they evaluate the correlation between one dependent variable and two or more independent variables. The less correlated these variables are, the more accurate the indicators will be. Companies need this technique for predicting complex scenarios. For example, a company can analyze the demand for a product across different age groups, genders, and geographic locations.

To sum up, statistical analysis is a versatile tool that enables companies to automate processes and make data-driven decisions. Effective analysis techniques can help organizations predict actionable scenarios that improve business outcomes. We hope this article has been helpful. To understand various business tools even better, check out the essay samples below.

🏆 Best Statistical Analysis Research Titles

Statistical Methods in Business and Economics
Business essay sample: The paper will concentrate on the basic peculiarities of statistical methods described in economical and business publications taking into account practices and experience of true specialists in this area.
Statistical Methods in Marketing
Business essay sample: In marketing statistical methods are used particularly to establish customer and staff trends for instance where issues of customer turnover are of huge concern.
Business Decisions of General Motors
Business essay sample: The statistical analysis of the internal and external data of GM shows that the company should leverage the opportunities available from the emerging nations especially the BRIC countries
Diabetes in Malaysia: Diabetes Prevalence Rate and the Role of Education in Diabetes
Business essay sample: The study aims to update the knowledge on diabetes in Malaysia to determine the relationships of behavior and attitudes of the population and level of knowledge about the disease.
Sick Leave and Sick Leave Abuse at Enterprise N in 2017-2020
Business essay sample: The work of the HR department implies responsibility for the well-being of employees, which has physical, social, cultural, and emotional sides.
Statistical Analysis Of Fortune 1000 Largest Companies in 2006
Business essay sample: Fortune 1000 is a list of the 1000 largest American companies, ranked on revenues alone, maintained by the American business magazine Fortune.
How Layoffs Affect Employees Left in the Workplace
Business essay sample: According to data obtained from the 1990 wave of the Statistics Canada Labour Market Activity Survey layoffs of employees have an adverse effect on employee performance at the workplace.
Bottling Company: Case Study
Business essay sample: It would be important for the management of the soda bottling company to adopt some strategies that would eliminate the problem in the future.
The Role of New Management Accounting Methods for Development of Financial Performance
Business essay sample: The present study employs a survey study design to understand the role of new management accounting methods for the development of financial performance.
Hong Kong Stock Market: The Relationship between Stock Returns and Three Ratio Variables
Business essay sample: This paper analysed the relationship between Stock Returns and three ratio variables that include the Price Earnings ratio, Dividend Price ratio, and the Payout ratio.
JetBlue Airways' Hybrid Business Model
Business essay sample: In this paper, the researcher seeks to investigate the airline’s hybrid business model and how it has enabled the company to achieve sustainable growth in this market.
The Effectiveness of Occupational Stress Management
Business essay sample: The focus of this study will be on the experiences of both workers and managers, to determine the effectiveness of occupational stress management.
Human Resource Management in a Global Environment
Business essay sample: The purpose of this paper is to analyze the characteristics and willingness of the UAE National to help Expatriates at the workplace.
Gender Wage Gap: Statistical Measurements
Business essay sample: The purpose of the report is to examine and describe in-depth statistical research and qualitative measurements to refute the idea of a gender gap in the wage context.
Lean Project Management in Different Areas
Business essay sample: This study shows that lean operation has been embraced as the best way of eliminating waste and enhancing product and service quality in the business environment.
Full-Time Versus Part-Time Workers at Jing Jiang Tower Hotel
Business essay sample: This paper uses data from the study of Jing Jiang Tower Hotel -a hotel in Shanghai to study the level of commitment among part-time and full-time employees.
Positive Psychology as a Management Practice
Business essay sample: This research paper is a valuable material that summarizes the problem of work stress and confirms the high effectiveness of positive psychological programs.
Tag-It Corporation Financial Analysis
Business essay sample: Cash flow analysis and statistical analysis indicated that Tag-it Corporation was not incurring high operation costs hence the desirable gross profit.
Does Telecommuting Improve Productivity?
Business essay sample: Telecommuting can be considered one of the trends of contemporary business. It can be defined as a specific working arrangement offering a chance to work outside the office.
Customer Satisfaction and Pricing in UAE Shopping Centers
Business essay sample: This research paper aims at identifying the role prices have on the satisfaction of customers in shopping centers in the United Arab Emirates (UAE).
HRM of Inter-Organisational Relationships in Management
Business essay sample: Project management has gained massive popularity in the global society as a tool that is used to undertake major developmental initiatives.
Apple Company's Key Financial Metrics Evaluation
Business essay sample: The given analysis and assessment will primarily focus on Apple's company description, background, and industry, as well as its recent critical financial metrics evaluation.
Organizational Virtue and Its Impact on Employees’ Satisfaction in the UAE
Business essay sample: The study investigates the critical aspects of organizational virtue and their impact on employee satisfaction in UAE enterprises.
Researching of Business Intelligence System
Business essay sample: Babatunde, Bolu, Oyawale, and Fayomi (2019) establish that artificial intelligence is the key solution to the contemporary challenges encountered during service delivery.
Quantitative and Qualitative Approaches to Marketing
Business essay sample: Marketing departments in organizations of various sizes and fields of activity are beginning to play a crucial role along with production and financial departments.
Maritime Business: Significance of Shipping Industry
Business essay sample: The shipping industry has its significance. It is one of the most significant mediums for traveling and load lifting over long distances.
Business Excellence & Employee Engagement in the UAE
Business essay sample: This research aims to study the effect of business excellence on employee engagement in government and semi-government organizations in the United Arab Emirates.
Impact of Employee Motivation on Productivity in Oil and Gas Sector in UAE
Business essay sample: The purpose of the study was to examine the relationship between employee motivation and productivity in the Oil and Gas Sector in the United Arab Emirates.
Employee Performance & Rewards in Banking Sector
Business essay sample: The aim of the study was to identify the impact of the reward system on employee performance in the banking sector of Karachi, Pakistan.