In statistics, to carry out a research hypothesis, you must a firm hold of data. By firm we mean, if rock held you by your wrist…. Yes, that’s the firm we seek to refer to here. Once done, you would then be able to interpret whatever statistics that is put forth in your way.
You can only expect to win half the battle if you do the planning and execution right. To win the war, you would want to treat the data and its deductions equally well. Only then would you be able to come down to revolutionary findings or insights!
Data Analysis: The Fright
Data Analysis is considered to be the most confusing and scared of art when it comes to making a search project or dissertation. To do so, there is a great deal of computer and student-friendly mechanical tools which help you decode a sample population like Sherlock!
Not so frightened would you then be, eh? To study your subject, financial statistics interpretation, you would need to take help of certain tools that the students in your competition would definitely be looking up to. To give you the list in one go –
The Main Statistical Tools
- SPSS (IBM)
- R (R FOUNDATION FOR STATISTICAL COMPUTING)
- MICROSOFT EXCEL
NOTE: If even a single one of the above (other than MS Excel) rings a bell, you are relatively on the right track.
SPSS from IBM
SPSS is a data analysis software coming straight from IBM. It expands to Statistical Package for The Social Sciences. This is our top financial data analysis tool because it is the most widely used and more reasons as well. What we mean to say is that there’s a reason why every other car on the road is a Toyota or Hyundai. It is not only because you buy it just because your friends have the same car but because the car has something of value and that value is valued by many.
SPSS enables a user to track and analyse human behaviour better than any other statistic analytical tool out there. It helps a user to readily compile the descriptive stats, parametric and non-parametric statistical analyses, and a good part of graphical depictions that come out as results of the GUI (Graphical User Interface).
There’s another added feature that makes top our list of the top financial statistical tools. SPSS allows a user to run scripts and catalyse the process of automating analysis. Another thing it can easily do is to be able to carry out even a higher-level of statistical processing.
R by R Foundation for statistical computing is a free software. This is also a widely used software. The software is widely known and referred to for its ease of statistical manner of analysis of human behaviour and other fields.
There are “Toolboxes” which, basically, are plugins. These plugins pave way for even greater induction of applications which can simplify the use of those “other aspects”. Data processing is also possible via the R Project.
It is pretty powerful a software when it comes to a steep leaning curve; it, at the same time, requires a certain extent to which decoding is possible. It also comes with an active community engaging structure that helps better the software itself. The plugins we talked about earlier make it even easier to fetch help from the R Foundation. Just like our customer care services at Sample Assignment, R foundation is also running its train on similar rails!
The MATLAB refers to an analytical platform and also a programming language that’s is used worldwide by the science associates (namely the engineers and scientists). When we talked about R above, the leaning pathway is steep, eventually once in the span, you would be required to generate yourself a code. This makes it easier for the user to avail of the feature of additional toolboxes that are very important when it comes to interpretation of data in the financial statistics analysis.
The toolboxes or plugins in MATLAB are so diverse that they can also be used to interpret and analyse the Egg data for which “Egg Lab” is accommodating enough. One drawback that concerns MATLAB is that letting alone its advanced structure and attention to detail, if you are just a started in your field of finance statistics, it could get a bit too hard for you. Not to worry, it will take some time getting used to this extreme piece of software marvel and then, you could train yourself into an unbeatable version of yourself!
Well, this one is the easiest to use. It is also not one of the lesser renowned versions of financial data analysis software. This is why it has made it this far in our list. But, at the same time, it is a bit too easy to use and does not possess as smart features like the ones above in this list.
However, it can be used to generate simple statistics for your use. Summary metrics and custom graphics are the best features that are offered by MS Excel. So, if you are looking for a project with weight age under 5%, MS Excel shall be the best option and bridge to get you to the 100% mark of that 5%. Also, it is not rocket science to learn how to use Excel even if you do not already know the basic formulae that are involved in Excel. Therefore, if you are looking forward to getting started with the most basic form of statistics, this is the pick for your Financial Data Analysis Tools.
There is a possibility that the one you like to use or are more “accustomed” to did not make the list. That is only because we conducted research and our average user could have been below or above your standard.
The one you choose would depend on a number of factors which would include the type of research you are required to conduct, the research question, statistical knowledge, and you experience when it comes to coding.
Our Financial Statistics Experts
Our expert’s quality and depth of knowledge can be evaluated by the topics and judgement criteria used for the above products and services. they have been handling the top and also the most uncommon of the data analysis tools since inception. To get in touch with them to get all your doubts solved, we put forth a simple form that can be used to drop in your requirement and let them know the subject matter you need assistance in.
Till then, have look at our blogs section and grasp all the information you can get!