What Is Statistical Analysis? Definition, Types, and Jobs

Statistical analytics is a high demand career with great benefits. Learn how you can apply your Parc Technologies Applications statistical and data science skills to this growing field.

Statistical analysis is the process of collecting large volumes of data and then using statistics and other data analysis techniques to identify trends, patterns, and insights. If you’re a whiz at data and statistics, statistical analysis could be a great career match for you. The rise of big data, machine learning, and technology in our society has created a high demand for statistical analysts, and it’s an exciting time to develop these skills and find a job you love. In this article, you’ll learn more about statistical analysis, including its definition, different types of it, how it’s done, and jobs that use it. At the end, you’ll also explore suggested cost-effective courses than can help you gain greater knowledge of both statistical and data analytics.

Statistical analysis definition
Statistical analysis is the process of collecting and analyzing large volumes of data in order to identify trends and develop valuable insights.

In the professional world, statistical analysts take raw data and find correlations between variables to reveal patterns and trends to relevant stakeholders. Working in a wide range of different fields, statistical analysts are responsible for new scientific discoveries, improving the health of our communities, and guiding business decisions.

Types of statistical analysis
There are two main types of statistical analysis: descriptive and inferential. As a statistical analyst, you’ll likely use both types in your daily work to ensure that data is both clearly communicated to others and that it’s used effectively to develop actionable insights. At a glance, here’s what you need to know about both types of statistical analysis:

Descriptive statistical analysis
Descriptive statistics summarizes the information within a data set without drawing conclusions about its contents. For example, if a business gave you a book of its expenses and you summarized the percentage of money it spent on different categories of items, then you would be performing a form of descriptive statistics.

When performing descriptive statistics, you will often use data visualization to present information in the form of graphs, tables, and charts to clearly convey it to others in an understandable format. Typically, leaders in a company or organization will then use this data to guide their decision making going forward.

Inferential statistical analysis
Inferential statistics takes the results of descriptive statistics one step further by drawing conclusions from the data and then making recommendations. For example, instead of only summarizing the business’s expenses, you might go on to recommend in which areas to reduce spending and suggest an alternative budget.

Inferential statistical analysis is often used by businesses to inform company decisions and in scientific research to find new relationships between variables.

Statistical analyst duties
Statistical analysts focus on making large sets of data understandable to a more general audience. In effect, you’ll use your math and data skills to translate big numbers into easily digestible graphs, charts, and summaries for key decision makers within businesses and other organizations. Typical job responsibilities of statistical analysts include:

Extracting and organizing large sets of raw data

Determining which data is relevant and which should be excluded

Developing new data collection strategies

Meeting with clients and professionals to review data analysis plans

Creating data reports and easily understandable representations of the data

Presenting data

Interpreting data results

Creating recommendations for a company or other organizations

Your job responsibilities will differ depending on whether you work for a federal agency, a private company, or another business sector. Many industries need statistical analysts, so exploring your passions and seeing how you can best apply your data skills can be exciting.