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Statistical Data Analysis Service

The Importance of Statistical Data Analysis

Data analysis is a method used not just by scientists but as businesses as well, which use various techniques in explarotary data analysis in order to further advance their business. Businesses may employ statistical data analysis in doing market research as well as in evaluating for creating informed decisions, which can greatly affect the said business. The application of statistical analysis in handling data related to businesses is seen greatly in business analytics wherein new insights are developed as well as a better understanding of business performance is established through statistical analysis of various data sets involved in the business. Similarly, the use of statistical methods in analyzing data is prevalent in technical fields such as in science research and in the social sciences.

statistical data analysis schema

Methods in Statistical Analysis of Data

Although there are countless methods in statistical analysis of data, there are four main methods which are used by those utilizing such statistical methods in analyzing data. Here is a brief discussion of these methods.

  • Generalized Linear Model

In utilizing generalized linear models, the relationship between the established independent variables with the dependent variable is exploited. This method results to a link function, which defines the relationship between the said independent variables and dependent variable.

  • General Linear Model

Statistical data analysis utilizes the general linear model to test various hypotheses for experiments and research. These models factor in established quantities as well as estimates and possible sources of error. Various statistical methods are based on these models.

  • Structural Equation Modeling (SEM)

SEM was established to permit theory testing along with theory development through confirmatory and exploratory modelling. SEM is used in testing and estimating relations resulting to causality via the use of statistical data as well as qualitative assumptions. SEM allows for the construction of latent variables, allowing for the user of such a method to establish the reliability of the model being tested.

  • Item Response Theory (IRT)

Item response theory is utilized mostly in psychometrics. Through this method, one latent variable can be examined and analyzed from several established binary measured factors.

Statistics Data Analysis Services

The need for statistics data analysis in researches cannot be overstated. As this is the case, we provide premium statistical analysis services to a wide variety of clients. In addition, we provide thorough and dedicated consultancy services regarding various methods in data analysis to prospective clients as well. We are able to provide valuable input in providing professional solutions to a variety of research problems as well as business issues in need of statistical analysis. We assure clients of effective and thorough assistance in analyzing data as well as in improving data collection, data interpretation and in report writing employing these statistical methods.

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