In statistics, methodology is a very important and useful tool. Given the mounting need of evidence-based practices in today’s world of challenging competition, statistics is very important.
Methodology in statistics forms the core foundation for various statistical tests and examinations.
In the field of psychology, where experimental testing is carried out, statistics is crucial. Psychology students conduct tests like personality tests (MMPI), IQ tests (Wechsler) and many different tests that require methodology and specific techniques. For execution of the methodology, questionnaires, surveys and tests are designed and conducted. A specific methodology is also utilized while determining the existence of certain pathological diseases or symptoms within the individual or a group of individuals. Questionnaires are very popular modes of methodology in statistics.
Psychology requires a certain mode, tactic, or methodology, by which the psychologist reaches his conclusion. Methodology in statistics is crucial as hypotheses and theories are drawn-out and validated with the help of the questionnaires or surveys. For instance, if an IQ test needed to be conducted between two schools – ‘A’ and ‘B’—, the psychologist can do that with the use of a methodology. The psychologist first prepares the questionnaires in which questions relating to general awareness are asked. Then he/she distributes it to the students. Through the results, with the help of methodology, the answers to questions may be attained. Methodology is crucial in psychology as it charts the line of action for the statistician so that he/she may attain a comprehensive and clear conclusion.
In science and medicine, methodology plays a significant role. For conducting medical research like bio-statistics, clinical trials, survival analysis, tests of hypothesis in statistical inference, etc., methodology is required. With methodology, public health and problems are analyzed. This includes studying bio-statistics, ensuring safety of data through clinical trials, and attaining knowledge of the population at any given time through survival analysis. In survival analysis, methodology determines the population that may have existed at a certain time in the past. Mathematically, this methodology can be observed as the likelihood of a persons death at time ‘T,’ which would be much later than time ‘t.’ As age increase, this methodology is presupposed to touch zero. In determining medical errors and risks of improper and uncalculated dosages of a particular drug, the test of hypothesis is conducted. This methodology helps in removing type II errors, which may occur with improper dosage of drugs.
Methodology should be strictly adhered to by the practitioner or nurse. Methodology allows researchers to utilize software like SAS for analyzing the data. For achieving accurate and precise results, methodology is binding on the researchers. There is a specific methodology for each of the tests and each of these tests achieves specific objectives.
Business is another such field where methodology is highly valued. Financial analysis, marketing researches, econometrics, auditing and production (and operations including services improvement), all require methodology and statistics. Methodology in the lines of commerce and business involves financial modeling. The financial modeling methodology is usually carried out by the financial analysts who write reports and provide information illustrating the company’s prospects. With a certain methodology, financial analysts develop certain models like Discounted Cash Flow model, binomial prizing model, etc. that help analyze the annual report. Technical analysts follow the time series modeling methodology to predict forecasts and price values of commodities. Through this methodology, they also analyze and predict the Sensex. Econometrics methodology is another instrument of statistics in business. It is a mixture of both economics and mathematical statistics and the methodology that it abides by involves statistical models like regression, binomial prizing model, etc.
In such technical fields, methodology is of the essence. In today’s world where evidence-based practices are required, methodology is necessary in most fields— particularly those fields where facts and figures are needed.
