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Investigators waste a lot of time by consuming impractical experiments and by directly divulging onto the bigger steps of conducting Statistical Analysis. There are so many compact and graphical approaches nowadays; thus, the gumshoes make a series of analyses that only lead to dead ends and possible erroneous conclusions. Most of the investigators take out the biggest step in conducting the analysis which is the Descriptive Analysis.
Let's understand the basics prior to any further explanation
Descriptive analysis is the study of the distribution of the critical and complex data into the proper figures and numbers with the help of identifying the association between numerous variables in the system. With the help of Descriptive Analysis, one can also get rid of the typos, outliers, and other misprints from the data that can potentially harm the statistical pattern of the data.
It may seem that Descriptive analysis is a time-consuming process but it is all about the systematic approach. There are two types of Descriptive Analysis, such as:
The first thing to do before starting the Descriptive Analysis is to make sure the type of variables that are being used. Variables are divided into two categories, namely; Quantitative and Qualitative. A qualitative variable consists of all those variables which represent the characteristics and value of the variable, for example, ethnicity, color, gender, etc.
The quantitative variable, on the other hand, consists of the quantity, for example, volume, height, phone bill, number of students, weight, etc. Both of these variables are further divided into significant categories but these two terms are the ones that are widely used for Descriptive Analysis.
Univariate Descriptive Analysis is the analysis that is done by using a single variable. For a qualitative variable, it is the most common practice to construct a table of frequency and portrays them in doughnut charts, pie charts, or a simple bar chart. With the help of this approach, all the typos and outliers will be sufficiently displayed.
For a quantitative variable, a histogram is usually used for the plotting of the data which provides clear data distribution. However, it the data is not symmetrical and somewhat slanted then you can calculate the quartiles and median of the data and if the data is symmetrical then you can find the standard deviation and mean by using the given data.
In this type of analysis, both kinds of variables are involved and there can be three different combinations, such as:
Now in this kind of scenario, the investigators must opt for a few more steps because it involves more than one variable. Therefore, for a different set of variables, there are three different steps to conduct Descriptive Analysis.
These are the methods that can be used for Descriptive Analysis of the data. Of course, there are a lot of other graphical approaches but Descriptive Analysis is so far the best.
The scope of Descriptive Analysis is quite wide because it is being used in practically every field, from finance to economical approach, descriptive analysis is the prime method to observe the latest trends in markets. In the case of the financial influencers, Descriptive Analysis is used to provide the complete set of data for the users which involves stockbrokers and dealers. This compiled data will help them sort out their decisions and the investments which they are going to make in the near future.
Descriptive analysis is also used in the field of marketing as it helps the businessmen to probe the latest trends for the consumers. Descriptive Analysis provides the average value of a variable; thus, it will provide the businessmen with the accurate value of the goods purchased by the consumers in the past so that they can produce a strategy accordingly.
Moreover, Descriptive Analysis is also helping in making policies of the country. With the average output of industry, all the trends of demography, agricultural production, and growth of population, one can advise a sufficient economic policy. One can simply analyze the scope of Descriptive Analysis which is far beyond anyone's imagination.
There is only a single job in which Descriptive Analysis is used and that is the job of the Data Analyst. Every organization is becoming more reliant on the data analyst as it bones out the errors in the data and gives out substantial information about the variable in the market. It also helps a businessman to grasp the latest trends surfacing in the market and how to make the right investment. The job of the data analyst is not as easy as it seems to be rather it is the hand behind the success of major organizations.
The data analyst provides a specific figurative value to the events which help in the comparison later on. Descriptive Analysis is not only about the number, instead, how the numbers were and will be used. It has been estimated that in the following year there will be about 2.7 million openings of the job as a data analyst and an average salary of the data analyst $79,781 annually but as the experience exceeds, the salary can rise to $106,000.
If you're interested in becoming the best data analyst, there is a data analysis Bootcamp that will provide you with the training you desire.