Statistical Tools
Statistical tools refer to a set of techniques and methods used to analyze and interpret data in order to make informed decisions. These tools are used to identify patterns, relationships, and trends in data, and to draw conclusions based on statistical inference. Statistical tools include descriptive statistics, which are used to summarize and describe data, and inferential statistics, which are used to make predictions and test hypotheses. Other statistical tools include regression analysis, hypothesis testing, analysis of variance (ANOVA), and time series analysis. These tools are used in a variety of fields, including business, healthcare, social sciences, and engineering, to name a few. In data science, statistical tools are used to analyze and interpret large datasets, and to develop predictive models that can be used to make informed decisions.
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