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The idea for A/B testing comes from medical research, and works as follows. The process of A/B testing is a formalization of this exact problem. Frequently in this article, we’ve used the example of a company running two different marketing campaigns, and wanting to know which was more successful.
#Sas jmp vs spss software#
Statistical analysis software can allow you to conduct A/B testing. This process of statistical inference can help isolate the most important factors that determine success, which is one of the distinctive advantages of statistical analysis over basic data visualization and data summaries.
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Lead scoring in CRM software and lead generation software is based on this exact principle: using your own in-house data and your statistical analysis software, you can build a predictive model and apply it to brand-new data.Īnother advantage of statistical analysis software is that it can tell you which of your predictive variables are statistically significant predictors of converting a lead into a sale.
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Once you’ve built your predictive model and tested its accuracy on your historical data, you can use it to predict the likelihood that a new sales lead makes a purchase.
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Using statistical analysis software on your historical data, you can build a prediction model that incorporates data about the sales lead, like location, purchase history, products they are interested in, and so on. Suppose you wanted to build a prediction model to estimate whether or not a new sales lead will ultimately make a purchase. Statistical analysis software can allow you to build predictive models. Statistical analysis software can help prevent this problem, and gives you proper data on the uncertainty inherent in your data analysis. If you were making business decisions based on random fluctuations, when no true underlying relationship actually exists in your data, you’re no better off than trusting your gut instincts. Statistical analysis software allows you to put a number on these fluctuations, and test whether the results you actually got are likely to have occurred due to random chance. For example, even if you ran two identical marketing campaigns, the revenue they generate is likely to differ, just by random chance. Testing for statistical significance can give you empirical results to support or refute conclusions you draw from your data. Using statistical analysis software can help prevent you from being fooled by random fluctuations in your data. The only viable option is using a statistical analysis software package. If you have a more complex analysis question, like how purchasing patterns among your customers vary as a function of age, gender, geographic location, and occupation, you can completely forget about doing that analysis from scratch. Statistics deals with the science of uncertainty, and even for relatively straightforward questions, like whether one marketing campaign produced more revenue than another, there are several computational details that are difficult to implement on your own. If you have large datasets, complicated analysis questions, or if you want to be able to express your level of uncertainty, you need to perform a statistical analysis. However, just looking at raw numbers has its limitations. The rise of data-driven business, from “Moneyball” to high-powered financial trading, has demonstrated that empirically-based decision making can result in far superior results. Many business decisions are made by gut instinct. Second, you can express your uncertainty about your estimates by expressing the level of statistical significance, or the size of a confidence interval or a margin of error.Įven with complex data and complex business questions, the right statistical analysis software will give you the tools you need to come to an answer, and express your level of certainty. Applying statistical techniques to your data accomplishes two equally important tasks.įirst, statistical analysis can provide empirical answers to questions about your business, such as “which of our two marketing campaigns resulted in more sales?” Statistical analysis software is designed to apply the power of statistics to your company’s data.