1.

Descriptive Statistical Analysis

Fundamentally, it deals with organizing and summarizing data using numbers and graphs. It makes easy the massive quantities of data for
intelligible interpretation even without forming conclusions beyond the analysis or responding to any hypotheses. Instead of processing data in
its raw form, descriptive statistical analysis enables us to represent and interpret data more efficiently through numerical calculation, graphs or
tables. From all necessary preparatory steps to concluding analysis and interpretation, descriptive statistical analysis involves various processes
such as tabulation, a measure of central tendency (mean, median, mode), a measure of dispersion or variance (range, variation, standard
deviation), skewness measurements and time-series analysis.

2. Inferential Statistical Analysis

The inferential statistical analysis basically is used when the inspection of each unit from the population is not achievable, hence, it extrapolates,
the information obtained, to the complete population. In simple words, inferential statistical analysis lets us test a hypothesis depending on a
sample data from which we can extract inferences by applying probabilities and make generalizations about the whole data, and also can make
conclusions with respect to future outcomes beyond the data available. By this way, it is highly preferable while drawing conclusions and making
decisions about the whole population on the basis of sample data. As such, this method involves the sampling theory, various tests of
significance, statistical control etc.

3. Predictive Analysis

Predictive analysis is implemented to make a prediction of future events, or what is likely to take place next, based on current and past facts and
figures. In simple terms, predictive analytics uses statistical techniques and machine learning algorithms to describe the possibility of future
outcomes, behaviour, and trends depending on recent and previous data. Widely used techniques under predictive analysis include data mining,
data modelling, artificial intelligence, machine learning and etc. to make imperative predictions. In the current business system, this analysis is
approached by marketing companies, insurance organizations, online service providers, data-driven marketing, and financial corporations,
however, any business can take advantage of it by planning for an unpredictable future, such as to gain the competitive advantage and narrow
down the risk connected with an unpredictable future event. The predictive analysis converges on forecasting upcoming events using data and
ascertaining the likelihood of several trends in data behaviour. Therefore, businesses use this approach to get the answer “what might happen?”
where the basis of making predictions is a probability measure.

4. Prescriptive Analysis

The prescriptive analysis examines the data In order to find out what should be done, it is widely used in business analysis for identifying the best
possible action for a situation. While other statistical analysis might be deployed for driving exclusions, it provides the actual answer. Basically, it
focuses on discovering the optimal suggestion for a process of decision making. Several techniques, implemented under prescriptive analysis are
simulation, graph analysis, algorithms, complex event processing, machine learning, recommendation engine, business rules, etc. However, it is
nearly related to descriptive and predictive analysis, where descriptive analysis explains data in terms of what has happened, predictive analysis
anticipates what could happen, and here prescriptive analysis deals in providing appropriate suggestions among the available preferences.

5. Exploratory Data Analysis (EDA)

Exploratory data analysis, or EDA as it is known, is a counterpart of inferential statistics, and greatly implemented by data experts. It is generally
the first step of the data analysis process that is conducted prior to any other statistical analysis techniques. EDA is not deployed alone for
predicting or generalizing, it renders a preview of data and assists in getting some key insights into it. This method fully focuses on analyzing
patterns in the data to recognize potential relationships. EDA can be approached for discovering unknown associations within data, inspecting
missing data from collected data and obtaining maximum insights, examining assumptions and hypotheses

6. Causal Analysis

In general, causal analysis assists in understanding and determining the reasons behind “why” things occur, or why things are as such, as they
appear. For example, in the present business environment, many ideas, or businesses are there that get failed due to some events’ happening, in
that condition, the causal analysis identifies the root cause of failures, or simply the basic reason why something could happen. In the IT
industry, this is used to check the quality assurance of particular software, like why that software failed, if there was a bug, a data breach, etc, and
prevents companies from major setbacks.
We can consider the causal analysis when;
Identifying significant problem-areas inside the data,
Examining and identifying the root causes of the problem, or failure,
Understanding what will be happening to a provided variable if one another variable changes.

7. Mechanistic Analysis

Among the above statistical analysis, mechanistic is the least common type, however, it is worthy in the process of big data analytics and
biological science. It is deployed to understand and explain how things happen rather than how specific things will take place ulteriorly. It uses
the clear concept of understanding individual changes in variables that cause changes in other variables correspondingly while excluding
external influences and considering the assumption that the entire system gets influenced via its own internal elements’ interaction.
The fundamental objectives of mechanistic analysis involve;
Understanding the definite changes in that could make changes in other variables
A clear explanation of the happening of a past event in the context of data, especially when the particular subject/concern deals with specific
activities.