What basic statistical techniques can be applied to data sets?

The selection of standard deviation, correlation, trend analysis, and graphical presentation as a combination of basic statistical techniques highlights the core methods used in data analysis.

Standard deviation is a measure of the amount of variation or dispersion in a set of values. It provides insight into how spread out the data points are around the mean, which is crucial for understanding the consistency and reliability of the data.

Correlation measures the degree to which two variables move in relation to one another. This technique is essential for identifying relationships and trends within data sets, helping analysts to infer connections that can guide decision-making.

Trend analysis involves examining data points over a period to identify patterns or trends. By doing this, businesses can make predictions about future movements based on historical data, making it a powerful tool for strategic planning.

Graphical presentation, which includes charts and graphs, is an important technique for effectively communicating data findings. Visual representation enhances understanding and aids in identifying patterns and outliers within data that might not be apparent from raw numbers alone.

Other options, while related to business practices, do not focus on fundamental statistical techniques necessary for robust data analysis. For instance, marketing analysis and financial forecasting rely on statistical methods but are themselves broader applications rather than basic techniques. Qualitative reviews and focus group analysis