Statistical Analysis Techniques

Question 1

List out 5 types of Statistical Analysis Technique

Answer 1

1. Descriptive Analysis
2. Regression Analysis
3. Factor Analysis
4. Discriminant Analysis
5. Time Series Analysis

Question 2

What does Descriptive Analysis measures? (2)

Answer 2

1. Measure of Central Tendency ( Mean, Mode, Median )
2. Measure of Dipersion ( Variance, Standard Deviation, Range )

Mode is the value that is frequently seen

Descriptive analysis considers historical data and describes current performance

Question 3

What does Regression Analysis do?

Answer 3

1. Models relationship between variables and provide coefficient scores
2. Uses t-tests, Chi-square, ANOVA or more

Question 4

What does Time-Series Analysis do?

Answer 4

Attempts to predict a future sequence of data points based on historical patterns over time

Question 5

What does Discriminant Analysis do?

Answer 5

Classification technique that combines a set of variables to predict patterns of a class of a variable

Question 6

What does Factor Analysis do?

Answer 6

1. Reduces a set of related variables into factors
2. Assumes that there is a latent factor that describes a set of common variables