Statistics Theory

Statistics Theory

Week 2

Question 1: Importance of Data Analysis Plan in Business Research

There is a great importance of the data analysis in the good business research. The analysis of data is considered to be the main element of any business research. It is considered to be the main element behind the success of a business research. In fact, it is not wrong to say that the success of the business research is incomplete in the absence of the data analysis. For example, the research of the pharma company for conducting a test on the success of the new drug for cancer cure can be only successful by using the trials on the number of patients. Thus, the proper use of the patients and the data obtained from the number of patients can be very helpful in the success of the new drug implementation (David 1979).

In the same manner, the companies need to conduct the research while implementing the new products in the market on the basis of survey analysis from the potential consumers. The most important data analysis tools for this purpose are BigML, Infogram and other statistical tools like ANOVA and SPSS.

Question 2: Primary & Secondary Research & Importance of Validity, Reliability & Bias for Data Research

There is a great difference between the primary and secondary research methods. The primary research is conducted with the help of using the data analysis and quantitative data with the help of surveys and questionnaires. On the other hand, secondary data is based on the qualitative research and the data is obtained from the secondary sources like the journals, periodicals etc (Robert 2004). This is the main difference between the primary and secondary research.

There is a great importance of the concepts of validity, bias and reliability in the data research within the profession. It is very necessary that the data research of the profession should be based on the reliable and valid data so that the accuracy of the research could be assured. It is also necessary that the data used should be free from any biasness involved in it so that the authenticity of the research could be assured.

Question 3: Importance of Sample Study in Estimating Populations

There is a great importance of the sample study in getting knowledge about the population. The sample studies are helpful in identifying the number of population to be selected in the research study. Therefore, it can be said that the sample study is very important in the proper estimation of the population involved in the study (Peter 2001).

The reason behind selecting the random sampling is that it is mainly the representation of the population of a given study. The random sampling is the best approach which is used in the studies and save the studies from the biasness.

In order to identify the accurate sample size, it is very necessary that the sample accuracy should be kept into consideration. The confidence intervals are helpful in the proper identification of samples which is ...