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Comparative Data Analysis Definition

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Many areas of research will require highly sophisticated analytical tools to uncover information needed to answer questions for example confirmatory data analysis. This is not mean the statistics is a discipline totally dominated by highly technical equations. It often happens in the business world that less complicated analysis is needed to derive usable information. Comparative data analysis is something that is used quite often in the business world.

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The Definition of Comparative Data Analysis

Comparative data analysis will review at least two or more comparable data sets. One immediate use in the business world is to compare alternatives. For example, similar circumstances can be applied to a study such sales during the Christmas season. Different sales strategies used in that timeframe can then be compared to see which produced the best results.

This is a process that takes a look at similarities or differences. In the business world the important thing is to determine whether or not certain strategies or practices produced different results. It is even more important when it comes to profits or revenues. The highly competitive global economy insists any business enterprise has to produce a stronger profit margins.

Comparative Data Analysis Example

If we are saying about comparative data analysis example it can help spot trends. Data in this situation is ordinarily isolated for a given product, and then reviewed over number of time frames (this is ordinarily not years, but months or financial quarters). Reviewing the information side-by-side allows for a comparison that indicates which way the sales are going. They can also be used in recognizing price trends for various stocks on the stock market.

The True Value for Business

Business decision-makers unfortunately do not have training to do very detailed statistical analysis. Moreover, the timeframe in which they work is both limited and very hectic. Decisions have to be made quickly in order to maintain market advantage. The beauty of comparative analysis is that sets of data can be defined by the business decision maker using what dimensions are important (e.g., geography, and type of service provided). Analyzing data can then be very quickly done in comparing data sets visually.

That is another important thing about comparative data analysis. It can very easily be translated into graphic visuals. It makes it even easier for analysts to spot trends or results. Customer data can be quickly massaged to see what particular features are attracting consumers resulting in sales (e.g., taking a look at home insurance policies to determine whether or not certain coverages are appealing to a given demographic).

It is not just enough for commerce to have data. There needs to be an immediate business value to what is being seen. Sophisticated regression analysis models can delight the intellect and provides insights, but the end-users have to be able to grasp immediately what information is being presented. Comparative data analysis does exactly that. It is information that can be used quickly and effectively. Its value is something that is demonstrated time and again in improved sales, and in revenue figures that record results from interpreting the analytical findings.

Check out our comparative data analysis example today!