Statistical Approaches for Improving Scientific Study
Statistical approaches are critical to improving the scientific study. The approach used is important in ensuring that the study's conclusions are definitive and result in the creation of applicable recommendations. The aim of this research is to analyze the various figures that can be used in relation to the described case study.
Use of Statistical Figures in Research
The thesis performed necessitates the use of sufficient statistical figures to aid in the extraction of the most important results. The related statistics that can be used in the research are the metrics of heterogeneity. The study's aim is to better understand the impact of incentives on employee productivity. In the identified study, the application of measures of variability would be essential with particular reference to the use of standard deviation (Cohen, Manion & Morrison, 2013). For example, it would be possible to evaluate how performance varies from the compensation that the employees. The statistic can be used to assess the overall productivity and turnover rate of Ernst & Young with reference to the compensation offered by the human resource department. The statistic will be utilized in the summary and analysis of the sample data.
Analysis of Inferential Statistics for Data Analysis
Inferential statistics are essential because they help in facilitating the ability to reach a particular conclusion. The information from the collected data can be used to make conclusive decisions. In the scientific study depicted, the general linear model may be appropriate for the analysis of the collected sample. For example, there is the aspect of understanding the impact of employee remuneration on their overall productivity and in turn the rate of turnover. The variables that can be used are the compensation offered by the human resource while the productivity that will be reflective in turnover rate can act as the other variable. The findings from the analysis can be used to make the decision. Specifically, it could be mandatory to adopt the aspect of correlation to investigate the impact of compensation of employees with their productivity. The data is likely to provide information that will show whether there is a relationship between the compensation of employees and the rate at which they execute their mandate.
Role of Trend Analysis in Addressing the Business Problem
Trend analysis is of critical significance in addressing business problems. In the case reflected, the organization has been attributed to failure to adequately compensate their employees despite the fact that they are making considerable profits. Trend analysis focuses on the prediction of future movement of stocks with regard to the past data (Hair, 2015). In the case reflected, data obtained regarding the situation of underpayment at Ernst & Young, it could be vital to predicting the future situation of the company. For example, it is evident that the organization is making profits. However, there is the challenge of them failing to compensate the employees in ways that are commensurate with their earnings. If the statistics indicate the decline in productivity as a factor of minimal compensation, the trend identified can be used to help in addressing the business problem. For instance, Ernst & Young can monitor the trend in productivity and use the same to arrive at a conclusion. Trend analysis focuses on an idea that may have happened in the past which in this case is productivity in relation to compensation.
References
Cohen, L., Manion, L., & Morrison, K. (2013). Research methods in education. Routledge.
Hair, J. F. (2015). Essentials of business research methods. ME Sharpe.
