On October 20, 2010, the United Nations Organization determined that World Statistics Day would be celebrated on that date every five years. This branch of Mathematics is one of the most consolidated tools within Marketing. Without it almost no quantitative study could be carried out. Even being trained in this area is considered essential for those who are dedicated to market research.
Due to its multiple applications in our daily lives, we would think that the elements of statistics would have a greater diffusion and extension within the general culture. However, this is not the case. Developing with competence as a statistician is well worth having a set of ideas that is well worth remembering on this date where we stop to evaluate the significance of this deductive science.
- Population and sample. In an ideal world, to know the characteristics of a set of individuals, it would be necessary to record measurements of the attributes of all of them. However, because this is unfeasible in the vast majority of cases due to all the resources that this task implies, we usually supply it through deductions based on a set of subjects that objectively represent all of their neighbors. The total number of elements in a given universe is called the population and the subsegment of this that is sought represents as accurately as possible we call it a sample.
- Type of data. We know the measurements we make of the attributes of a subject in a population or sample as data. By virtue of the classification that we use, the data can be divided into several classes. Among the most recurrent classifications is the dichotomy between quantitative and qualitative data. The former refer to numerical records such as weight or height, while the latter refer to those that distinguish non-numerical characteristics such as flavors and aromas. There are more data classifications, but they will be covered in other posts on this blog.
- Types of sampling. After assuming that we cannot always study an entire population, the question arises as to how to plan the sample to be evaluated since the success or failure of the deductions we make about its population of origin will depend on this task. The most suitable is random sampling since it considers that all members of a population have the same probability of being chosen to be measured. We also have the probability sampling that implies knowing from the beginning of the recording of what probability each subject will have of being selected. The type of sampling we choose will depend on the circumstances of each research team and the objectives they are pursuing.
- Types of data graphs. Until relatively recently, the work of statisticians had frequency tables as the almost only graph that helped them visually synthesize the data and findings discovered based on them. Now we have a great variety of charts: bars, pie, polygons, circle, and so on. The choice of the type of graph that we will use in our analysis or presentation of results is not only an aesthetic choice. For each type of data and its derivatives, one graph or another will be more appropriate. To mention just one example, the pie chart should not be used if we want to represent absolute data and with a large number of categories.
- Confidence interval. One of the most widely used derived data in statistics is the estimation of the interval in which the recorded data of a set of subjects are real. This interval is usually expressed as a percentage. However, understanding it correctly involves some challenges even for some experienced ones. The confidence interval expresses the probability that the records of a sample contain the real data of the population under study. It never refers to a percentage of data given from a sample or population.
At Acertiva we know that having statistics experts is essential when describing and inferring characterizations of the people who consume a myriad of products and services. We put at your disposal our team of experts in statistical analysis to carry out your investigations successfully. Contact us today to tell you how we can write your next success story together.