Statistical
Modelling Services
Statistical modelling has two main purposes: prediction and
explanation.
Prediction
– Given a set of input values, what is the
output? Given a one
unit change in a
particular type of input, what is the effect on the output?
Explanation
– How do the variables relate to each
other? How strong
is this
relationship? How
much of the variation
in the dependent variable is explained by the model?
There are
many different statistical modelling techniques Statistical Consultants
Ltd can provide, including (but not limited to) the following:
Regression Models
Regression
involves estimating the mathematical relationship
between one variable called the response variable, and one or more
explanatory
variables.
Regression modelling can be used for forecasting time series data.
Nonparametric Models
Nonparametric
models differ from parametric models (such as
regression models), in that the model is data driven rather than
structured with
parameters to be estimated.
In the following plot, a smoother function
was applied to
the data:
Semiparametric Models
Semiparametric models use a blend of
parametric and
nonparametric modelling techniques e.g. a regression model with a
smoother
component for greater flexibility.
Bayesian Models
Bayesian
modelling has become increasingly popular in recent
years due to the rise of computer technology.
Bayesian models are based on probabilities rather
than frequencies e.g.
the probability of A, given
B, C and D.
Bayesian models are based around Bayes’
Theorem:
Classification and
Regression Trees
Classification
and Regression Trees (CART) take a rather
blunt approach, where a hierarchical structure is fitted to the data. Classification trees are
used for splitting categorical
data. Regression
trees are used for
splitting quantitative data.
Discriminant Analysis
Discriminant analysis involves finding
relationships which
best separate the data into known groups. When
used for prediction, discriminant analysis
models classify observations into groups.
Cost
Contact
Statistical Consultants Ltd for a free quote.
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