Use of Statistics
Below are some of the uses of Statistics in various domain.
- Descriptive Statistics: The company would start by calculating descriptive statistics to understand the overall satisfaction level. They might compute measures like the mean, median, mode, and standard deviation of the ratings. This provides a summary of the central tendency and variability in the data.
- Data Visualization: Graphical representations such as histograms, bar charts, or pie charts can visually display the distribution of satisfaction ratings. This helps identify any patterns or trends in customer feedback.
- Inferential Statistics: The company may want to infer insights about the entire customer population based on the survey sample. They could use inferential statistics techniques such as hypothesis testing and confidence intervals to make statistical inferences about customer satisfaction levels.
- Segmentation Analysis: The company might segment customers based on demographics (age, gender, location) or purchase behavior (frequency, amount spent). Statistical techniques like cluster analysis or ANOVA (Analysis of Variance) can help identify distinct customer segments and their corresponding satisfaction levels.
Application of Statistics
Statistics is a branch of mathematics that deals with collecting, analyzing, interpreting, and presenting data. It helps decision-makers to draw evidence-based conclusions from data. There are various application of Statistics mentioned in article below.
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