Statistics Helpdesk Blog

Decision analysis is the systematic, mathematical and visual method used to solve and appraise various choices faced by organizations. It is a set of tools and methods used to anticipate outcomes, assess risks associated with an action and make the right decision under uncertain conditions. From deciding on the appropriate multichannel marketing campaign type to dec...

Statistics is a key branch of mathematics that has evolved and becoming complicated day by day. Advanced statistical methods and software tools have replaced the conventional approaches in deriving insights from big datasets and make strategic decisions. Ideas that were once considered advanced are now standard in college level courses. Today’s students are ex...

Introduction to Factor Analysis

Factor analysis is a statistical technique used to simplify complex data by reducing the number of variables while preserving as much information as possible. It helps to discover the patterns in the data which defines the relationship between different variables and uncover the ...