“Understanding 20 most popular Statistical Models: Definitions and Applications

Statistical models are mathematical tools used to analyze and interpret data. They allow researchers and analysts to make predictions, identify patterns and trends, and test hypotheses about relationships between variables. There are many different types of statistical models, ranging from simple linear regression models to more complex multivariate models. In this article, we will explore 20 commonly used statistical models and their definitions.

  1. Linear regression: A statistical model that is used to predict a numerical outcome based on a set of independent variables. Linear regression assumes a linear relationship between the dependent and independent variables and estimates the coefficients of the variables using the least squares method.
  2. Logistic regression: A statistical model that is used to predict the probability of a binary outcome based on a set of independent variables. Logistic regression estimates the probability of an event occurring (such as a customer making a purchase or a loan defaulting) based on the values of the independent variables.
  3. Poisson regression: A statistical model that is used to predict the count of a specific event or outcome, such as the number of customer complaints or the number of accidents at a construction site. Poisson regression assumes that the dependent variable follows a Poisson distribution and estimates the coefficients of the independent variables using maximum likelihood estimation.
  4. Multivariate linear regression: A statistical model that is used to predict a numerical outcome based on multiple independent variables. Multivariate linear regression estimates the coefficients of the independent variables using the least squares method and can be used to analyze the relationship between multiple dependent and independent variables.
  5. Multiple regression: A statistical model that is used to predict a numerical outcome based on multiple independent variables. Multiple regression estimates the coefficients of the independent variables using the least squares method and can be used to analyze the relationship between a dependent variable and multiple independent variables.
  6. ANOVA (Analysis of Variance): A statistical model that is used to compare the means of two or more groups or samples. ANOVA tests the null hypothesis that the means of the groups are equal and can be used to determine whether there is a significant difference between the groups.
  7. t-test: A statistical test that is used to compare the means of two groups or samples. The t-test calculates the difference between the means and the standard error of the difference, and can be used to determine whether there is a significant difference between the groups.
  8. Chi-square test: A statistical test that is used to determine whether there is a significant difference between the observed and expected frequencies of an event or outcome. The chi-square test calculates the difference between the observed and expected frequencies and can be used to test hypotheses about categorical data.
  9. Mann-Whitney U test: A nonparametric statistical test that is used to compare the means of two groups or samples. The Mann-Whitney U test does not assume a normal distribution of the data and can be used to compare the medians of the two groups.
  10. Wilcoxon rank-sum test: A nonparametric statistical test that is used to compare the means of two groups or samples. The Wilcoxon rank-sum test does not assume a normal distribution of the data and can be used to compare the medians of the two groups.
  11. Kruskal-Wallis test: A nonparametric statistical test that is used to compare the means of two or more groups or samples. The Kruskal-Wallis test does not assume a normal distribution of the data and can be used to determine whether there is a significant difference between the groups.
  12. ANCOVA (Analysis of Covariance): A statistical model that is used to compare the means of two or more groups or samples while controlling for the effects of one or more covariates. ANCOVA estimates the coefficients of the independent variables and the covariates using the least squares method and can be used to adjust for confounding variables.
  13. Factor analysis: A statistical technique that is used to identify underlying factors or dimensions in a dataset. It involves reducing the number of variables in the dataset by combining correlated variables into a smaller number of factors.
  14. Generalized linear model: A statistical model that is used to analyze data that follows a non-normal distribution, such as binary data or count data. Generalized linear models allow for the estimation of parameters using a variety of link functions and can be used to model a wide range of data types.
  15. Mixed effects model: A statistical model that is used to analyze data that has both fixed and random effects. Mixed effects models allow for the estimation of both population-level and individual-level effects and can be used to account for within-subject or within-group correlations.
  16. Latent class analysis: A statistical model that is used to identify underlying latent classes or groups in a dataset based on observed categorical variables. Latent class analysis estimates the probabilities of membership in each class and can be used to identify patterns and relationships within the data.
  17. Structural equation modeling: A statistical model that is used to test hypotheses about the relationships between latent variables and observed variables. Structural equation modeling estimates the coefficients of the relationships between the variables and can be used to identify the strength and direction of the relationships.
  18. Time series analysis: A statistical model that is used to analyze data that is collected over time. Time series analysis involves identifying patterns and trends in the data and can be used to make predictions about future values based on past values.
  19. Survival analysis: A statistical model that is used to analyze data on the time it takes for an event to occur. Survival analysis estimates the probability of an event occurring and can be used to identify factors that influence the likelihood of the event.
  20. Longitudinal data analysis: A statistical model that is used to analyze data collected over multiple time points. Longitudinal data analysis involves identifying patterns and trends in the data and can be

In conclusion, statistical analysis is a powerful tool for analyzing and interpreting data. It allows researchers and analysts to make predictions, identify patterns and trends, and test hypotheses about relationships between variables. There are many different types of statistical models and techniques that can be used for different purposes and data types.

Understanding the assumptions, limitations, and appropriate applications of these models and techniques is critical for accurately interpreting the results of statistical analysis and for making informed decisions based on the data. Whether you are a researcher, analyst, or business professional, developing a strong foundation in statistical analysis can be a valuable skill for understanding and making sense of data.

To know more about data modeling, governance, and use cases of popular Statistical Models, explore SCIKIQ Curate at https://scikiq.com/curate

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