Analytics are a crucial component in ensuring the organization staysat the edge over its competitors. The application of businessanalytics is essential in helping organizations identifyopportunities and capitalize on them (Muehlen & Shapiro, 2015).The analytics are critical in providing the organization with crucialinformation regarding the overall process of making decisions neededfor the day to day running of activities (Vera-Baquero,Colomo-Palacios, & Molloy, 2013). The use of such data in theorganization means that the firm has a reliable framework for makingdecisions. The analytics are essential in enabling the organizationto gain insights on various issues related to business operations. Itserves as an opportunity for the organization to optimize the entiredecision-making process (Chen, Chiang, & Storey, 2012).Overall, firms need to acknowledge the fact that the data theypossess is a valuable asset that could serve as and a leverage towardgaining a competitive advantage over other organizations.
The ability to achieve useful results from a statistical test dependson the sample and data collection methods that have been employed.The sample used dictates the overall method of data collection thatwould eventually determine the statistical methods used for analysis(UCLA Institute for Digital Research and Education, 2015).Appropriate sampling techniques must be employed to help have adeeper comprehension of the data. Data is meaningful only when it canbe understood by those in need of the same (Liu & Arora, 2011).An established framework should guide the entire process ofidentifying the sample to be used and how the data would becollected. Through the same, it would be possible to employ the rightstatistical methods to analyze the data and derive useful informationto guide in decision-making (UCLA Institute for Digital Research andEducation, 2015). However, it is essential to align the entiresampling techniques, data collection and statistical analysis methodsto the needs of the organization to avoid possibility of gettingerrors (Nuzzo, 2014).
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