STATISTICS ASSIGNMENT

QUES1:- Brief note on TIME SERIES ANALYSIS?

ANS:- Time series analysis is a method to analyse the data collected over an
interval of time. In time series analysis, data is recorded at consistent intervals
over a set period of time rather than just recording the data randomly.
Examples of time series analysis in action includes:
• Weather data
• Rainfall measurements
• Temperature reading
• Stock prices

Types of time series analysis:-

• Classification
• Curve fitting
• Descriptive analysis
• Explanative analysis
• Exploratory analysis
• Forecasting

QUES 2:- Explain the process of testing of hypothesis with

a real life case study?
ANS:- Hypothesis Testing is a form of statistical tool in which the data is
obtained from a sample of population on that basis conclusions are assumed by
the analyst.
Process of Hypothesis Testing includes the following steps: -
• State Null Hypothesis
• State an Alternative Hypothesis
• Determine a significance level
• Calculate the P-value
• Draw a conclusion

For example, let’s take Peppermint Essential Oil…..

 • Null Hypothesis: - Peppermint Essential Oil has no effect on the anxiety.
• Alternative Hypothesis: - Peppermint Essential Oil reduced the anxiety.
• Significance Level: - The significance level is 0.25.
• P-Value: - The P-value is calculated as 0.05.
• Conclusion: - After providing one group with peppermint oil and the
other with a placebo, we can calculate the difference between the two
based on self-reported levels of significance levels of anxiety. Based on
the calculations, the two groups is statistically significant with a p-value
of 0.05 which is below the defined alpha of 0.25. We can conclude that
the study supports the alternative hypothesis that peppermint essential oil
can reduce the anxiety.

QUES :- Explain ANOVA with a case study?

ANS:- An ANOVA (“Analysis of Variance”) is a statistical technique that is
used to determine whether or not there is a significant difference between the
means of three or more independent groups.
The two most common types of ANOVAs are:-
1. one-way ANOVA
2. two-way ANOVA.\

1. A One-Way ANOVA is used to determine how one factor impacts a

response variable.
For example:- we might want to know if three different studying
techniques lead to different mean exam scores. To see if there is a
statistically significant difference in mean exam scores, we can conduct
a one-way ANOVA.

2. A Two-Way ANOVA is used to determine how two factors impact a

response variable, and to determine whether or not there is an
interaction between the two factors on the response variable.
For example:- we might want to know how gender and how different
levels of exercise impact average weight loss. We would conduct a two-
way ANOVA to find out.
CONCLUSION:-
ANOVA is used in a wide variety of real-life situations, but the most
common include:

Retail: Store are often interested in understanding whether different

types of promotions, store layouts, advertisement tactics, etc. lead to
different sales. This is the exact type of analysis that ANOVA is built
for.
Medical: Researchers are often interested in whether or not different
medications affect patients differently, which is why they often use one-
way or two-way ANOVA’s in these situations.
Environmental Sciences: Researchers are often interested in
understanding how different levels of factors affect plants and wildlife.
Because of the nature of these types of analyses, ANOVA’s are often
used.