Every company needs to understand what their customers are liking and then change the formula and sometimes their entire lineup to suit their needs. Trends are not set out of the blue. Growth in interest and liking is seen in a certain area and a massive step is taken in that direction. But to identify those trends companies perform something called statistical data analysis.
Create a new document in MS Word. The first page should be used as a cover page. So we are going to first write the title ‘Statistical Analysis‘ on the top followed by the date on which it was prepared, the name of the person preparing it, and the name of the company for which it is being prepared, all in separate lines.
In the overview section, write some basic details of what you are looking forward to finding, the details of the company or organization for whom you are carrying out the analysis, etc. Also, if you are representing an organization who has been given the contract for carrying out this statistical analysis then you should write the name of that organization as well.
In the next step write down the aims in detail. Write down what it is you are trying to find out and what it is you expect. Also, write down the methodology you are adopting to collect the data. This would allow the person reading the analysis to get a better understanding of what you have tried to do. In case a person wants an updated analysis, the person can just follow this section to carry out the analysis.
This is a crucial part. You can use any spreadsheet software like MS Excel or Google Sheets to collect the data. If you want you can stick to MS Word as well. Create as many columns necessary to dissect the information you have into the smallest possible data sets. This way it will be easier to make calculations.
Once you have the data ready, you need to start to make sense of this data. You have to tell the company what are the changes that need to be made to make a positive impact on their sales. It is better that you use charts and diagrams to better explain the data that you have collected.
A statistical analysis plan contains a lot of numbers and spreadsheets. Some people find that quite boring. So if someone sees something like this, that makes the data much more readable he’ll be more likely to ask you to do the analysis for him the next time also. So download and start editing this analysis template in Word to get started.
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