In: Operations Management
Discuss different types of statistical techniques or methods suitable for a research proposal??
Statistics is a term used to summarize a process that analysts use to characterize the data. If the data depends on a sample of a large population, then the analysts can develop interpretations about the population primarily based on the statistical outcomes from the sample. Statistical analysis involves gathering and evaluating data and then summarizing the data.
There are two types of statistical methods used in analyzing data as described below:
1. Descriptive Statistics
2. Inferential Statistics
Descriptive Statistics
They are brief descriptive coefficients that summarize a given data, which can be either a representation of the entire population or just a sample of a population. Descriptive statistics are further divided into measures of central tendency and measures of variability. Measures of central tendency include the mean, median, and mode, while measures of variability include the standard deviation, variance, minimum variables, maximum variables, kurtosis and skewness.
Inferential Statistics
Inferential statistics help you to predict from a particular data. You can select data from samples and make generalizations about a population. For example, you can ask a sample of 100 people in a shopping mall, if they like shopping at Sears. You can use your research to reason that around 75-80% of the people like shopping at Sears.
There are two main areas of inferential statistics:
1. Estimating Parameters - This means selecting a statistic from your sample data and using it to explain something about a population parameter.
2. Hypothesis Tests - Here you can use sample data to answer research questions. For example, if you are interested to find out whether a new cancer drug is effective or not or whether breakfast helps young children to perform better in schools or not.