Explain the statistical data investigation process giving examples from Financial Engineering.
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• The Statistical Data Investigation Process
Background
1. Statistics in the Australian Context
2. Statistics in the Australian Curriculum
3. The Statistical Data Investigation Process
4. Teaching Data Investigations
The learning outcomes of this section are as follows:
The statistical data investigation process is how real problems are tackled by statisticians and people who use statistics. It is how statisticians help people investigate questions in science, medicine, agriculture, business, engineering, psychology – in anything where data need to be collected and where there is variation.
Variation can happen because people, animals, plants, materials, consumers, etc are different or don’t react in the same way, because conditions cannot be made exactly the same, and because everything in nature involves variation. Almost all university disciplines, governments, organisations and industries use data to measure, quantify, interpret, allow for, and understand variation. By asking statistical questions, making observations and carrying out experiments, data help investigators to see patterns allowing for variation, to see how much variation there is and what type, and when it tends to be more or less.
The whole process of a statistical data investigation involves everything from first thoughts, through planning, collecting and exploring data, to reporting on its features. The process is depicted and summarised in the following slideshow, along with a brief description and key considerations at each stage.
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