Analysis and Interpretation: Individual Variables Independently

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Analysis and Interpretation: Individual Variables Independently

Chapter Core Objective

Aimed to embed in the learner the skill of analyzing the population dynamics

To identify the opportunities and weaknesses present

The identification of outliers will enable me to identify niche markets and their corresponding dynamics in order to capitalize on this demand.

Market analyst whose role is to gauge the attractiveness of a particular special market

Frequency Analysis

A count of the number of cases that fall into each of the response category when categories are based on a variable

Descriptive Statistics

These statistics describe the distribution of responses on a variable

The descriptive statistics in wide use are mainly the mean and standard deviation.

The mean of a sample is the arithmetic average value of the responses on a variable.

It is a central tendency

Sample standard deviation is a measure of the variation of responses on a variable. It is the square root of the calculated variance on a variable

It is a measure of dispersion

Confidence Intervals for Proportions

A projection of the range within which a population parameter will lie at a given level of confidence, based on a statistic obtained from a probabilistic sample

Appropriate calculation of confidence intervals is allowed by drawing a probability sample

Sampling has an impact on analysis

Difference between Univariate and Multivariate Analyses

Univariate analysis involves individual variables

Multivariate analysis involves multiple variables

Hypothesis Testing

Hypothesis- is an unproven proposition about some phenomenon of interest

Null hypothesis- the hypothesis that a proposed result is not true for the population

Alternative hypothesis- the hypothesis that a proposed result is true for the population

Researchers strive to reject the null in favor of the alternative hypothesis.

Questions

Is a variable to be analyzed by itself or in relationship with other variables?

How can we ascertain that a particular result in the sample is true representation of the situation in the population or it is simply a coincidence?