Assignment-6 NM-6

Assignment Questions and Answers:

1. Describe the purpose of data analysis. (1 Mark)

Data analysis is the method of evaluating data using analytical and applied

mathematics tools to discover useful information and aid in business decision making.

There are a several data analysis methods including data mining, text analytics, business

intelligence and data visual image. Dissecting data includes inspecting it in manners that

uncover the connections, designs, patterns, and so forth that can be found inside it. That

may mean exposing it to factual tasks that can reveal to you not just what sorts of

connections appear to exist among factors, yet additionally to what level you can believe

the appropriate responses you're getting. It might mean contrasting your data with that

from different gatherings (a control or examination gathering, statewide figures, and so

on.), to help reach a few inferences from the information. The point, as far as your

assessment, is to get an exact evaluation so as to all the more likely comprehend your

work and its consequences for those you're worried about, or so as to more readily

comprehend the general circumstance.

There are two sorts of information you're adept to be working with, in spite of the fact

that not all assessments will essentially incorporate both. Quantitative information alludes

to the data that is gathered as, or can be converted into, numbers, which would then be
 able to be shown and broke down numerically. Subjective information is gathered as

depictions, accounts, feelings, cites, elucidations, and so forth., and are commonly either

not ready to be diminished to numbers or are viewed as progressively important or useful

whenever left as stories. As you may expect, quantitative and subjective data should be

breaking down in an unexpected way.

2. Why researchers need to interpret their results? (1 Mark)

Data interpretation refers to the implementation of processes through that information

is reviewed for the purpose of arriving at an informed conclusion. The interpretation of

data assigns a meaning to the data broke down and decides its connotation and

suggestions. The significance of information elucidation is clear, and this is the reason it

should be done appropriately. Information is probably going to land from various sources

and tends to enter the examination procedure with aimless requesting. Information

examination will in general be incredibly emotional. In other words, the nature and

objective of elucidation will differ from business to business, likely relating to the sort of

information being broke down. While there are a few unique kinds of procedures that are

actualized dependent on singular information nature, the two broadest and most normal

classes are "quantitative examination" and "subjective investigation". However, before

any genuine information elucidation request can start, visual introductions of information

discoveries are superfluous except if a trustworthy choice is made with respect to sizes of

estimation. Before any genuine information examination can start, the size of estimation

must be chosen for the information as this will have a long-haul sway on information

understanding. in other way researchers need to interpret their results to understand the
 abstract principle that works beneath his findings. Interpretation leads to the

incorporation of explanatory concepts that can serve as a guide for future research

studies; it opens new avenues of intellectual adventure and stimulates the quest for more

knowledge. Researcher can better appreciate only through translation why his findings

are what they are and can make others to understand the real importance of his analysis

findings.

3. What does hypothesis mean in research? Discuss the importance of hypothesis in a

research. (1 Marks)

In research, we have some terms that are very main, and which cannot be avoided.

These terms are quite relation since they assist the researcher and the analyst to

understand the information that is transfer while analyzing the information provided in

the findings and diagrams. one of the terms is hypothesis. Hypothesis is the formulation

of the suggestion for empirical testing. For example, budget difficulties (Bell, Bryman, &

Harley, 2018). In research, a hypothesis serves some important functions:

• It guides the direction of the study.

• It identifies facts that are pertinent and those that are not.

• It approaches which form of research design is likely to be most appropriate.

• It provides a framework for organizing the conclusions that result.

Unless the researcher controls the propeller to include additional elements, a study

can be unsuccessful by trivial concerns that do not answer the basic questions posed by

the management dilemma. The virtue of the hypothesis is that, if taken seriously, it limits
 what shall be studied and what shall not. To consider specifically the role of the

hypothesis in located the direction of the research, suppose we use this: Husbands and

wives agree in their perceptions of their respective roles in purchase decisions. The

hypothesis specifies who shall be studied (married couples), in what context they shall be

studied (their consumer decision making), and what shall be studied (their individual

perceptions of their roles). The nature of this hypothesis and the implications of the

statement suggest that the best research design is a communication-based study, probably

a survey or interview. We have at this time no other practical means to achieve

perceptions of people except to ask about them in one way or another.

4. Discuss the steps involved in hypothesis testing. (2 Marks)

Hypothesis testing can be viewed as a six-step procedure:

1. Establish a null hypothesis as well as the alternative hypothesis. It is a one-tailed

test of significance if the alternative hypothesis states the direction of difference.

If no direction of difference is given, it is a two-tailed test.

2. Choose the statistical test on the basis of the assumption about the population

distribution and measurement level. The form of the data can also be a factor. In

light of these considerations, one typically chooses the test that has the greatest

power efficiency or ability to reduce decision errors.

3. Select the desired level of confidence. The α is the significance level that we

desire and is typically set in advance of the study. Alpha or Type I error is the

risk of rejecting a true null hypothesis and represents a decision error. The β or

Type II error is the decision error that results from accepting a false null
 hypothesis. Usually, one determines a level of acceptable α error and then seeks

to reduce the β error by increasing the sample size, shifting from a two-tailed to a

one-tailed significance test, or both.

4. Compute the actual test value of the data.

5. Obtain the critical test value, usually by referring to a table for the appropriate

type of distribution.

6. Interpret the result by comparing the actual test value with the critical test value.

5. What are the different types of statistical analysis? (1 Mark)

 Descriptive

The discipline of quantitatively describing the main features of a collection of data. It

describes a set of data.

 Inferential

Aims to test theories about the nature of the world in general based on samples of

subjects taken from the world. That is use a comparatively small sample of data to say

something about a bigger population.

 Exploratory

it is an approach to analyzing data sets to find previous unknown relationships.

 Predictive

The different types of methods that analyze current and historical facts to make

predictions about future events. In essence, to use the data on some objects to prophesy

values for another object.

 Causal
 To figure out what happens to one variable when you change another.

 Mechanistic

Understand the correct changes in variables that lead to changes in other variables for

individual objects.

References

Bell, E., Bryman, A., & Harley, B. (2018). Business research methods. Oxford university press.

Cooper, D. R., Schindler, P. S., & Sun, J. (2006). Business research methods (Vol. 9). New

York: McGraw-Hill Irwin.

Al-Benna, S., Al-Ajam, Y., Way, B., & Steinstraesser, L. (2010). Descriptive and inferential

statistical methods used in burns research. Burns, 36(3), 343-346.