Definition of Statistical Modeling



Statistical modeling is a statistical technique that is used by organizations to interpret the data collected from the market or through customers to develop organizational strategies based on it. 

 


In data analysis, different statistical methods are applied to study the relationship between variables, make future predictions from the data, and generate reports so that stakeholders and non-analysts can also understand the interpretations.

 


In normal life, we make decisions based on our intuition which are often misleading. In the corporate world, marketing strategies or investment options. It's easy to say “I think this” but it takes time to analyze data that is necessary to correct your direction.

 

 


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