Data is one of the biggest elements when it comes to just about any process. The data collected can help an individual or an organization in many ways. If say, we talk about an organization where data is being collected, it may either be in order to acclimatize their efforts to their target audience or to measure just how successful their product or venture might have been. Data allows both for the removal of a major margin for error as well as to assess just how the target audience received our business prospect.
This is why Big Data companies are so in demand nowadays. Data is collected in two ways; the major difference is while quantitative data focuses on the numbers and percentage, qualitative demands to understand the reasons behind this number. Thus, it is easy for anyone to realize that both methods are important for complete data collection and analysis. Analysis, this is where an organization really needs to pour in the best of their efforts.
Even with the most effective and minute data collected, it is of no use if proper analysis is not conducted. Now, this is where a number of organizations and even their specialized marketing departments also fail. While outsourcing is a good option here to fully cash in on their expertise, it is important that you understand the importance of analysis tools.
Here, we take the example of tools which can help in analyzing quantitative data. Let’s take a look at what some of these are:
Frequency Distribution- This is something which is going to help you understand the value of the data which was gathered. While data collection is valuable, what is going to add even more value to the information and data is to understand the time period and frequency of such an exercise. This will enable an individual or an organization to recognize the variations in the data collected as well as the switch in how the target audience responded.
This can be done by the Histogram feature in Microsoft Excel.
Comparison- In the course of analyzing quantitative data, something else which can prove to be useful is the method of comparing different data tables. This is mainly done to achieve statistical accuracy by means of comparing variables with different mean.
Cross-Tabulating- Another process which a number of expert quantitative research data collection agencies use is the Pivot feature on Excel. This enables the firm to calculate and analyze the relation between different variables.
Descriptive Statistics- Another manner in which data collection can be made easier and the date so collected can be effectively analyzed is using the measures of central tendency and dispersion to value the data.
The measure of central tendency comprise, mean, mode and measure.
There are a number of other methods which can be used to tabulate and analyze data. Or you can approach reputed agencies such as Impetus Research for qualitative and quantitative research data collection.
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