What is the importance of a statistical analysis?
Probably you spend a lot of time and money in collecting data. Hence, it is important to give sufficient attention to the associated statistical analysis to gain the relevant insights from this data. A statistical analysis is important because it answers questions or gives insights in the structure of (big) data sets in an objective way.
Data collection can roughly be done in two ways, although a combination is possible. Firstly, data can be collected to answer a predetermined question. Based on this question it is defined which data should be collected to answer the question and then the collection process starts. Secondly, there is data from observational studies where data are likely to be collected in a casual way. A statistical analysis can demonstrate to what extent this data contains information to improve your business. The latter happens more and more often and can be categorized as big data.
Which statistical analysis should you use?
When handling data that has been collected to answer a predetermined question, mostly the statistical analysis has been set already. In many cases techniques like t—tests, analysis of variance (ANOVA), but also regression analysis and analysis of covariance will be used.
Which method to use best depends on the type of factors, the response, and how the data has been collected. Factors can be classification factors (for example: type of shaver) or continuous factors (for example: amount of fertilizer). The response can continuous, counts, or ordinal (for example: bad, reasonable, good). In case of big data that has been collected casually explorative methods (for example: stem-leaf plots, median polish, resistant smoothing) are more likely.
Every situation demands a specific approach and statistical analysis. CQM can help you choose the best applicable statistical analysis for your situation.
How can CQM help you with your statistical analysis?
CQM has more than 40 years of experience in statistical analysis. Our consultants are highly educated (PhD, MSc, MA) and are capable of giving operational, tactical, and strategic advice based on statistical analysis.
Our consultants can support you in translating your question into a project proposal. This proposal will address a data collection plan, statistical analysis, and interpretation of results. Communication is important to us so the message will be formulated in such a way that it is clear to you and your organization. The cases at Douwe Egberts and NS are examples of what we have accomplished at other organizations.
Interested in what we could achieve for your company? Contact one of our experts for more information.