Descriptive Statistics

Descriptive statistics is the term given to the analysis of data that helps describe, show or
summarize data in a meaningful way such that, for example, patterns might emerge from the
data. Descriptive statistics do not, however, allow us to make conclusions beyond the data we
have analysed or reach conclusions regarding any hypotheses we might have made. They are
simply a way to describe our data.

Inferential Statistics
Whilst descriptive statistics examine our immediate group of data (for example, the 100 students'
marks), inferential statistics aim to make inferences from this data in order to make conclusions
that go beyond this data. In other words, inferential statistics are used to make inferences about a
population from a sample in order to generalize (make assumptions about this wider population)
and/or make predictions about the future.

Anova

In statistics, analysis of variance (ANOVA) is a collection of statistical models, and their

associated procedures, in which the observed variance in a particular variable is partitioned into
components attributable to different sources of variation. In its simplest form ANOVA provides
a statistical test of whether or not the means of several groups are all equal, and therefore
generalizes t-test to more than two groups. ANOVAs are helpful because they possess an
advantage over a two-sample t-test. Doing multiple two-sample t-tests would result in an
increased chance of committing a type I error. For this reason, ANOVAs are useful in comparing
three or more means.

Ancova

Analysis of covariance (ANCOVA) is a general linear model with a continuous outcome

variable (quantitative) and two or more predictor variables where at least one is continuous
(quantitative) and at least one is categorical (qualitative). ANCOVA is a merger of ANOVA and
regression for continuous variables. ANCOVA tests whether certain factors have an effect on the
outcome variable after removing the variance for which quantitative predictors (covariates)
account. The inclusion of covariates can increase statistical power because it accounts for some
of the variability.
Monova

Multivariate analysis of variance (MANOVA) is a generalized form of univariate analysis of

variance (ANOVA). It is used in when there are two or more dependent variables. It help to
answer : 1. does changes in the independent variable(s) have significant effects on the dependent
variables; 2. what are interactions among the dependent variables and 3. among the independent
variables.[1]

Factor analysis

is a statistical method used to describe variability among observed variables in terms of a potentially
lower number of unobserved variables called factors. In other words, it is possible, for example, that
variations in three or four observed variables mainly reflect the variations in a single unobserved
variable, or in a reduced number of unobserved variables. Factor analysis searches for such joint
variations in response to unobserved latent variables. The observed variables are modeled as linear
combinations of the potential factors, plus "error" terms. The information gained about the
interdependencies between observed variables can be used later to reduce the set of variables in a
dataset. Factor analysis originated in psychometrics, and is used in behavioral sciences, social sciences,
marketing, product management, operations research, and other applied sciences that deal with large
quantities of data.

'Cluster analysis' is a class of statistical techniques that can be applied to data that exhibit “natural”
groupings. Cluster analysis sorts through the raw data and groups them into clusters. A cluster is a group
of relatively homogeneous cases or observations. Objects in a cluster are similar to each other. They are
also dissimilar to objects outside the cluster, particularly objects in other clusters.

discriminant analysis:

A discriminant analysis consists of the following steps:

1. Formulate the problem.

2. Determine the discriminant function coefficients that result in the highest ratio of
between-group variation to within-group variation.
3. Test the significance of the discriminant function.
4. Interpret the results.
5. Determine the validity of the analysis.

Discriminant analysis analyzes the dependency relationship, whereas factor analysis

and cluster analysis address the interdependency among variables.

The purpose of a business report is to communicate information to assist in the business

decision making process. Some reports might propose solutions for business problems or might
present relevant information to assist in the problem solving process. A business plan is a kind of
report which serves to communicate the business model, business management model and the
commercial objectives of a business.

In general when writing a business report the following steps have to be followed

1. Preparing to write the business report

2. Determining the scope of the report
3. Understanding the target audience
4. research to collect supporting information
5. formatting and organizing the report