A statistical data analysis basically involves the use of various statistical tools for analyzing the data collected from respective business transactions and company proceedings, etc. so as to assess the present status of the firm in the market and gauge the graph of its development, thereby using the available statistics to devise newer and effective methods that would help in taking better decisions and hence influence the growth of the company favourably. The data collected and corresponding statistics that make up for the finer details are important strategy tools for any profit-making organization, as they help the departmental supervisors to keep a tab of the business events, at regular intervals.
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