Wednesday, August 18, 2010

Stat tools - when to use what

  1. Box Plots: used to tell if the data set is skewed by looking at the relative positions of the median, quartiles and the tail. Easy to spot outliers.
  2. Scatter Plots: when we are interested in the relationships between two attributes. Offer visual assessment.
  3. Control Charts: to know whether the data is within acceptable bounds.
  4. Correlation: measure the correlation between two variables. Measure the strength of relationship / association.
  5. Linear Regression: express relation as a linear formula.
  6. Multivariate Regression: investigate relationship between one dependent variable and two or more independent variables.