What are five types of Statistical Analysis
What are five types of Statistical Analysis :
Descriptive Analysis
Inferential Analysis
EDA (Exploratory Data Analysis )
Predictive Analysis
Prescriptive Analysis
Descriptive Analysis :
This type of analysis focuses on summarizing and describing data.It provides an ovrview of data through measures like mean,median,mode,variance and standard deviation.
Inferential Analysis :
It involves making predictions or drawing conclusions about a population based on a sample of the data about broader trends.
EDA (Exploratory Data Analysis ) :
Exploratory Data Analysis is an approach to analyze data sets. It is used to discover patterns ,identify,outliers and gain insights int the data before performing formal statistical tests.
Predictive Analysis :
Predictive analysis aims to forecast future outcomes or trends based on historical data.It involves the use of various modelin techniques, to make predictions & recommendations.
Prescriptive Analysis :
prescriptive analysis predicts future outcomes and suggests actions to optimize them , aiding organizations in decision making for achieving desired results.
Compiled By : Pushpendra Maurya
profession : Data Scientist
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