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Top 5 Most Used Statistical Tools

By Author: Josh Barett
Total Articles: 11

Statistics is all the more popular as Applied Maths because of a lot of number crunching and data analysis involved in it. A researcher has to nose-dive into a heap of data, analyse it using various tools, and finally arrive upon a conclusion that data provides a clear picture. So, what are various tools that a statistician requires, let’s find out.

1.Median

When you want to have more refined information than what you receive after calculating average, median is the right tool. Median is defined as the middle value of the set comprising of data arranged in an ordered sequence.
Formula for median is: {(n + 1) ÷ 2}th value

Where n = no of values in the data set.

Median is required to find the focal point of a skewed distribution. It is of great use in finding the tendency of the data-set and in establishing the trend in a given population set.

2.T-test

T-test is used for analysis of a hypothetical testing. It is required to know if certain hypothesis stands true for a given data-set or not. This test is used widely to assess data related to the field of life sciences and technology, where testing hypothesis comes as a prime requirement of the research.

3.Bias or skewness

Sometimes, continuous error in the sample leads to a certain value that is actually not the true representative of the information provided by the data. Thus, bias is used to determine how the data has skewed away from the point of concern and it is exactly opposite of the compliance.

So, to ascertain the trueness of the sample, test of bias is performed.

4.Regression

If the data is widely scattered, and is composed of dependent as well as explanatory items, then regression model of testing is used to find the relationship. It also determines the strength of relationship between the variables.

This analytical tool is widely used in doing statistics assignments at college and high school level.

5.Variance analysis

If two data samples showing two distinct responses are to be compared and analysed a 2-way variance analysis proves its worth. Thus, depending upon the responses from the population sets, the researcher needs to determine whether skewing or 2-way analysis will serve the purpose.

Statistical tools make the process of analysing data quite easy. One needs to ensure that there is no deviation or calibrating errors in the tools used; it is also important to mention the pitfalls associated with these tools so that correct disclaimers can be issued.

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