Methodology

Methodology in statistics in the field of psychology can be used for psychological tests, such as IQ tests. For example, if one needs to find out whether or not the students at school A have a higher IQ than the students at school B, one can do that with the help of methodology.

In order to perform this methodology in statistics, questionnaires must be prepared. The questionnaire in this methodology consists of questions based on current affairs, which can help in understanding the general knowledge of a student. Then, a hypothesis must be created in this methodology. Finally a test of significance, such as the t test of significance, must be conducted.

Methodology in the field of medical/ nursing deals within the branch called biostatistics. Biostatistics in methodology involves analyzing public health problems and it furthers biomedical research. The researchers perform clinical trials in this methodology. Since the biomedical data collected in this methodology are excessively large in number, the researchers in this methodology use SAS software to analyze the data. The researchers in this methodology perform clinical trials. Clinical trials in this methodology are conducted to ensure safety and efficacy of data. The methodology involves survival analysis, tests of hypothesis in statistical inference, etc.

Survival analysis methodology helps in knowing that a fraction of a population would have survived in the past at a certain point in time. Mathematically, this methodology can be interpreted as the probability that a person dies at a time ‘T,’ which is much later than the specified time ‘t.’ This methodology is assumed to approach zero as age increases.

The methodology called the test of hypothesis is one of the most relevant methodologies in the field of medical/nursing. In the healthcare sector, researchers perform various clinical trials in order to know the approximate number of dosages being given of a particular drug. If the amount of dosage of a particular drug is not given in a calculated manner, then it can cause Type II errors, which means that the person can die after consuming that drug. Thus, tests of hypothesis methodology help in extracting the type II errors and they thus tell the approximate amount of dosage one must give of a particular drug.

Methodology in the field of business deals with financial modeling, Econometrics, time series modeling, etc. Financial modeling methodology is generally done by the financial analysts. Financial analysts in this methodology generally write the reports, which describe their opinion on the company’s investment potential. In other words, financial analysts in this methodology generally look after the company’s annual report by developing certain models like Discounted Cash Flow model, binomial prizing model, etc.

Time series modeling methodology is generally done by the technical analysts. Technical Analysts in this methodology predict or forecast the price value of a commodity or the sensex. In time series analysis methodology, technical analysts fit various Time Series models, like Auto Regressive Moving Average Model (ARMA), Auto Regressive Integrated Moving Average Model (ARIMA), Auto Regressive Conditional Heteroscedasticity (ARCH) and Generalised Auto Regressive Conditional Heteroscedasticity (GARCH).

Econometrics methodology is an amalgamation of economics and mathematical statistics. This methodology involves certain statistical models like the regression model, binomial prizing model, etc. The purpose of regression analysis methodology is to create a regression model that helps the researchers analyze the relationship among the variables. This methodology helps in calculating how much the dependent variable will change with the change in an independent variable. This methodology also helps in predicting the values of the dependent variables based on an independent variable.

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