Answer:

The process of gathering and analyzing data to find patterns and trends, eliminate bias, and guide decision-making is known as statistical analysis or statistics. It is a feature of business intelligence that entails the gathering and examination of commercial data as well as the reporting of trends.

Businesses can use statistical analysis to their advantage in a number of ways, such as identifying the best-performing product lines, identifying underperforming sales staff, and gaining an understanding of how sales performance varies across the nation.

Predictive modeling can be aided by statistical analysis tools. Statistical analysis tools enable businesses to delve deeper to see more information, as opposed to just showing simple trend predictions that can be influenced by a variety of external factors.

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