Statistical analysis refers to a method used by statisticians and data analysts to collect, organize, summarize, interpret, and draw conclusions from data. It involves using mathematical techniques to describe patterns in large sets of information or data, with the goal of identifying relationships, trends, and making predictions based on that data.
Statistical analysis can be used for a wide range of purposes such as forecasting future events, testing hypotheses, evaluating experimental results, and understanding real-world phenomena through the use of statistical models and techniques like regression analysis, hypothesis testing, chi-square tests, ANOVA, and more.
In summary, statistical analysis is an essential tool for making sense of data and extracting meaningful insights that can inform decision-making in various fields such as business, economics, medicine, social sciences, and many others.