What are the Main Types of Statistics in Research?

1. Descriptive Analysis

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2. Inferential Analysis

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3. Predictive Analysis

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4. Prescriptive Analysis

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5. Exploratory Data Analysis

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6. Causal Analysis

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7. Mechanistic Analysis

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Top importance of statitics in economics

What are the Main Types of Statistics in Research?

1. Descriptive Analysis

The descriptive statistical analysis allows organizing and summarizing the large data into graphs and tables.

2. Inferential Analysis

The inferential statistical analysis allows to extrapolate the data acquired from a small sample size to the complete population.

3. Predictive Analysis

This analysis is approached by marketing companies, insurance organizations, online service providers, data-driven marketing, and financial corporations.

4. Prescriptive Analysis

Prescriptive analysis examines data to find out what can be done next. It is widely used in business analysis for finding out the best possible outcome for a situation.

5. Exploratory Data Analysis

EDA is generally the first step of the data analysis process that is conducted before performing any other statistical analysis technique.

6. Causal Analysis

This analysis helps identify root cause of failures or simply find the basic reason why something could happen.

7. Mechanistic Analysis

This is a least common type of statistical analysis. The mechanistic analysis is used in the process of big data analytics and biological science.

Top importance of statitics in economics