The parametric data analysis is a document that makes use of statistical database by taking into account various probability distribution patterns and deriving inferences based on certain parameters of those distributions. The word parametric clearly suggests that such an analysis depends on several parameters, and the nature of the data is based on a number of assumptions. The analysis involves random selection of data and normal population distribution, in keeping with variance homogeneity.
Sample Parametric Data Analysis:
Project Name: Selecting the best MBA applicant.
This is an extensively worked-out project that involves the selection of the best candidates eligible for the MBA course conducted by the Success Institute for Management Studies. The test scores of a huge number of students are to be considered and hence a random selection will be done from a normal distribution of scores, on the basis of statistical tools such as mean and standard deviation methods. The probability factor is likely to generate independent observations which will help in effective decision-making.
Analysis of parametric data commissioned by: ABP Corps. Pvt. Ltd.
Our team of analysts included: Miss Marry Anne, Mr. Joseph Freeman, Mr. Walter Stevenson and Mr. Sam Pearson.
Date of analysis report submission: 16th August, 2011
Analytical tools employed:
- Statistical tools, which involve a range of tests such as the t-tests which can be either paired or independent and the other test being of variance analysis.
- Building of an effective model was important as it helped gauge the impact of independent variable on the dependent ones, that is, how the various factors tested actually influenced the final selection rate. Variables and factors thus played an important role in the analysis.
- The level of the final analysis report was determined on the basis of different members segregated by the various factors.
The attached documents and graphs will elaborate the results of the parametric data analysis.