BUSINESS RESEARCH METHODS
MODULE – 4: TOOLS & TECHNIQUES OF QUANTITATIVE &
QUALITATIVE DATA
Quantitative Analysis
Quantitative data analysis is the process of analysing and interpreting numerical data. It helps
you make sense of information by identifying patterns, trends, and relationships between
variables through mathematical calculations and statistical tests.
Correlation and regression
Are the two most commonly used techniques for investigating the relationship between
quantitative variables. Here regression refers to linear (to find value of one variable by using
another variable valur) regression. Correlation is used to give the relationship between the
variables whereas linear regression uses an equation to express this relationship.
A probability distribution is an idealized frequency distribution. A frequency distribution
describes a specific sample or dataset. It's the number of times each possible value of a variable
occurs in the dataset. The number of times a value occurs in a sample is determined by its
probability of occurrence.
A point estimate is a single value estimate of a parameter. For instance, a sample mean is a
point estimate of a population mean. An interval estimate gives you a range of values where
the parameter is expected to lie. A confidence interval is the most common type of interval
estimate.
Hypothesis testing is a systematic procedure for deciding whether the results of a research
study support a particular theory which applies to a population. Hypothesis testing uses sample
data to evaluate a hypothesis about a population.
Both the t-test (Small Sample) and the z-test (Large sample) are usually used for continuous
populations, and the chi-square test is used for categorical data. The F- test is used for
comparing more than two means.
Z-tests are statistical calculations that can be used to compare population means to a sample.
T-tests are calculations used to test a hypothesis, but they are most useful when we need to
determine if there is a statistically significant difference between two independent sample
groups.
The chi-square test is used to determine whether there is a statistical difference between two
categorical variables (e.g., gender and preferred car colour). On the other hand, the F test is
used when you want to know whether there is a statistical difference between two continuous
variables (e.g., height and weight).
What are Nonparametric Tests?
In statistics, nonparametric tests are methods of statistical analysis that do not require a
distribution to meet the required assumptions to be analysed (especially if the data is not
normally distributed). Due to this reason, they are sometimes referred to as distribution-free
tests.
BUSINESS RESEARCH METHODS
MODULE – 4: TOOLS & TECHNIQUES OF QUANTITATIVE &
QUALITATIVE DATA
Types of Tests
Non parametric tests include numerous methods and models. Below are the most common tests
and their corresponding parametric counterparts:
1. Mann-Whitney U Test
The Mann-Whitney U Test is a nonparametric version of the independent samples t-test. The
test primarily deals with two independent samples that contain ordinal data.
2. Wilcoxon Signed Rank Test
The Wilcoxon Signed Rank Test is a nonparametric counterpart of the paired samples t-test.
The test compares two dependent samples with ordinal data.
3. The Kruskal-Wallis Test
The Kruskal-Wallis Test is a nonparametric alternative to the one-way ANOVA. It is used to
compare more than two independent groups with ordinal data.
Cluster analysis foundations rely on one of the most fundamental, simple and very often
unnoticed ways (or methods) of understanding and learning, which is grouping “objects” into
“similar” groups. When we try to group a set of objects that have similar kind of characteristics,
attributes these groups are called clusters. The process is called clustering.
What is Cluster Analysis?
Cluster analysis is a multivariate data mining technique whose goal is to groups objects (eg.,
products, respondents, or other entities) based on a set of user selected characteristics or
attributes. It is the basic and most important step of data mining and a common technique for
statistical data analysis.
What is Discriminant Analysis?
Discriminant Analysis refers to a statistical technique that may determine group membership
based on a collection of metric predictors that are independent variables. The primary function
of this technique is to assign each observation to a particular group or category according to
the data’s independent characteristics.
What do you mean by factor analysis?
Factor analysis is a powerful tool when you want to simplify complex data, find hidden
patterns, and set the stage for deeper, more focused analysis. It's typically used when you're
dealing with a large number of interconnected variables, and you want to understand the
underlying structure or patterns within this data.
BUSINESS RESEARCH METHODS
MODULE – 4: TOOLS & TECHNIQUES OF QUANTITATIVE &
QUALITATIVE DATA
Qualitative analysis relies on thick description and deep understanding of the subject being
researched, obtained from in-depth interviews, observations, and/or close readings of text. This
type of research typically looks at case studies and can be used to understand local phenomena.
Focus group research is a qualitative method with interesting properties. It is performed by
planned discussion and interview with a small group of people conducted by a moderator. The
participants are sampled from the study population.
An in-depth interview is an open-ended, discovery-oriented method to obtain detailed
information about a topic from a stakeholder. In-depth interviews are a qualitative research
method; their goal is to explore in depth a respondent's point of view, experiences, feelings,
and perspectives.
Projective techniques allow respondents to project their subjective or true opinions and beliefs
onto other people or even objects. The respondent's real feelings are then inferred from what
s/he says about others. Projective techniques are normally used during individual or small
group interviews.
Ethnography is a qualitative method for collecting data often used in the social and
behavioural sciences. Data are collected through observations and interviews, which are then
used to draw conclusions about how societies and individual’s function.
Grounded Theory Approach in Research? The grounded theory approach is a qualitative
research methodology that attempts to unravel the meanings of people's interactions, social
actions, and experiences. In other words, these explanations are grounded in the participants'
own interpretations or explanations.
Content analysis is a research tool used to determine the presence of certain words, themes,
or concepts within some given qualitative data (i.e. text). Using content analysis, researchers
can quantify and analyze the presence, meanings, and relationships of such certain words,
themes, or concepts.
Case Studies are a qualitative design in which the researcher explores in depth a program,
event, activity, process, or one or more individuals. The case(s) are bound by time and activity,
and researchers collect detailed information using a variety of data collection procedures over
a sustained period of time.