Statistical Analysis: A Vital Aspect For Any Process

Many decisions which are made by us are based on our gut feelings. The decisions made on the basis of gut feelings can go horribly wrong at times. Ii could also turn out to be right decisions if you are lucky. However, we cannot depend on luck alone to favor our decisions all the times. Therefore, we will also need to make sure that our decisions are made based on the statistics analysis. Statistics analysis is normally done by collecting the historical data and then analyzing the projection. It will be a good indicator to find if there are things or factors missing in our system or process.

Statistics Analysis is normally done with the collection on historical data of any process which needs to be analyzed. It will need to be collected with respect to time and volume with all the other relevant data.

Statistic analysis is always done to improve a process and also to project the future of the process. Example: You can project the growth of your company revenue for the next 6 months.

It will give a good indication on which segment of the process is causing the process to slow down. Statistics analysis is done on an ongoing basis till the process results reaches the level for which the benchmarks are set. It doesn’t mean that the analysis is going to stop even after that. Every process will have a scope for improvement at any stage and learning for all the individuals involved in it.

The websites will also need to a thorough statistics analysis to improve the target results like sales. The data which can be calculated is the website hits with the number of sales made on the website. This is a very broad calculation. You could however get into the finer calculations to get more targeted visitors to your website. Based on the statistic analysis, you can always keep changing the looks and type of your website till to get the kind of results you are looking for.

Statistics analysis can be done using a lot of statistic tools available on the internet for free or for sale. There are many tools like the Minitab available on the internet for sale. They have very good features to create charts like the Parito’s chart and scatter dots diagrams.

However, you could still do the statistics analysis using MS excel. You will need to segregate the variables on a spreadsheet in specific columns to make the calculations and to derive the ratios between the variables. You can make nice charts which will give you a good graphical representation of your process which is analyzed. You can also copy the charts on dashboards for the purpose of making the presentations.

Statistics analysis is very vital for any company to understand and analyze if their process is moving in the right direction with respect to time. It also helps in establishing the root causes for the problems and will give a clear indication on which part of the process needs to be fixed to have a smoother process running.