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Nonparametric Functional Data Analysis

It is essential to understand the terminology of the world of statistics. It helps a person better understand the various analytical tools and how they are best used. Nonparametric statistics make no assumptions regarding the probability distributions of variables being examined; they can have descriptive and inferential statistics as well. While the latter has a given set of parameters, the former is going to increase parameters. Within the area of nonparametric statistics there are a number of instruments that can be used for analysis. Nonparametric functional data analysis happens to be one of them.

statistical data analysis schema

Nonparametric Use in Functional Data Analysis

Functional data is considered observations that stretch to infinite dimensional spaces, or functional spaces. A critic can dismiss nonparametric functional data analysis as being just another mind puzzle of statisticians. However, this form of analysis can be used in a number of ways. Nonparametric functional data analysis is used to forecast. The kernel type of analysis is used for forecasting, or predicting the functional data. One use is to consider the term structure of interest rates in the United States.

Another way is to take a look at forecasting the use of electricity as it relates to demand and prices. The use of forecasting for electricity alone can be extremely important. This can include both residential and commercial use of electric power. Nonparametric functional data analysis in the area of public utility permits an idea of what to ask for the rate increase. Public utility commissions of various states are keen on the justification for any increase. The analysis can help justify that with objective information. The time element is not just in the area of utilities, either. Functional data analysis can be used in time series for both modeling and predicting the data elsewhere.

Applied Functional Data Analysis

Functional data analysis calls for investigation of what information is found on curves or functions. In the medical arena the applied functional data analysis can be used to determine human growth and how the body acts as a control on its own development. Another area is the study of the weather and if the shapes of weather patterns will differ within a given area (e.g., does weather pattern of Seattle display different pattern than other areas of the Pacific Coast?).

Considering the Importance

Taking a look at the value of nonparametric functional data analysis and applied data analysis displays this as more than just mathematical exercises. Being able to forecast interest rates can definitely affect the modeling of any number of financial institutions. Anything that can allow for a comfortable forecast of an energy demand will have an effect on utility rate increases. We are currently in a great debate over global warming and temperature change. The importance of the decisions are so great in this area that reliable forecasting is essential. The nonparametric functional data analysis can help reduce uncertainties in the area weather prediction.

While it does have to be remembered that sudden changes can alter predictions, the forecasting possibilities of nonparametric functional data analysis cannot be ignored. While one hundred percent accuracy of the future is not always a guarantee, models developed with either type of data analysis can give a degree of certitude.

Learn about functional data analysis today!