Statistical methods for data analysis

Statistical tools in research
Statistical Analysis is the science of collecting, exploring, organizing, exploring patterns and trends using one of its types i.e.
Descriptive Type (for describing the data), Inferential Type(to generalize the population), Prescriptive, Predictive, Exploratory and Mechanistic Analysis to answer the questions such as, .
What are the 5 most important methods for statistical data analysis?
The five basic methods are mean, standard deviation, regression, hypothesis testing, and sample size determination.
It is widely used by governments, businesses, banking entities, insurance companies, etc..
What is statistical methods used in data analysis?
Statistical methods involved in carrying out a study include planning, designing, collecting data, analysing, drawing meaningful interpretation and reporting of the research findings.
The statistical analysis gives meaning to the meaningless numbers, thereby breathing life into a lifeless data..
Diagnostic Analysis, Predictive Analysis, Prescriptive Analysis, Text Analysis, and Statistical Analysis are the most commonly used data analytics types.
Statistical analysis can be further broken down into Descriptive Analytics and Inferential Analysis.

Statistical tools in research