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Applying Statistics

Decision-making and drawing inferences from data are the activities of most managers. 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 on 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 graphs and charts help them better understand which of their products are most sold in a specific market at a particular time. Thus, they gather all such types of descriptive statistics for their business.

Applying the Statistics formula, they collect the what-if analysis reports. By viewing the last year’s accounts 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 market subset and conclude 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 billions of records, like Google. Google does algorithmic data analysis of the information it collects from different websites. It said its statistical analysis includes deep learning and machine learning techniques. The entire automated crawl process reviews the extensive database it contains and creates. The goal of the crawl process as a whole or data mining is to list websites in their search directory by patterns and knowledge they put in an algorithm. Thus giving the best listings the top positions on a searched keyword. SEO researchers can further analyze and understand the listing structure and try to reshape their website’s content to move ahead in a listing.