There are so many digital data analytics tools you can use. Here we would examine a few of them.
EVIEWS: Stands for Econometric Views used for statistical and econometric analysis. It is an application designed by Qualitative Micro Software.
MATLAB: MatLAB stands for Matrix Laboratory and is a numerical computing application developed by MathWorks.
DATA ANALYSIS TOOLPACK IN MS EXCEL: This is an Add-In component of MS Excel used in performing statistical data analysis
SPSS: SPSS Statistic is a digital research analytics tool developed by IBM and used for interactive, batched and analytical statistics. The name stands for Statistical Package for Social Sciences.
RATS: This stands for Regression Analysis and Time Series is an analysis package used for econometric and time series analysis. It is developed and marketed by Estima Incorporated.
CATS: This stands for Computer Aided Transcription System. It is an application used for the automated design of integrated circuits.
GAMS: General Algebraic Modelling System used for analytics and mathematical modelling.
DYNARE: Used for design of economic and statistical model.
STATISTICA: This is an advanced statistics software developed by StatSoft. It is use for data analytics, data mining and data management.
MATHEMATICA: A technical computer software used a variety of analytics application.
A Little about SPSS
What is SPSS? SPSS stands for Statistical Package for Social Sciences(SPSS) and is very robust software package used for Statistics and data analysis.
According to a Datarmatics Researcher, Dr. Nduka Wonu, SPSS is very useful in the analysis of educational data whereas Eviews is more suitable in the analysis of data from social sciences research. The step-by-step instructions in data analysis usis SPSS is easier than that of Eviews which uses precoded data in spreadsheet format.
In most cases, Eviews requires that user to enter the preferred equations for data analysis.while most of such equation can be figured out by SPSS.
According to the SPSS website, SPSS offers the following benefits:
A Variety of Statistical Tools: This means that you can performs your analytical tasks within a single, integrated graphical user interface. You will be able to create excellent graphics such as charts, tables, histograms, decision tools just in one tool. You could also choose to export these objects to other applications such as MS Word and PowerPoint.
Easy Statistical Analytics Made Easy: Ease of use because you have a centralized drag and drop interface that provides you with familiar components such as menu bars, toolbars etc. You would also be able to works with a variety of data sources. Additionally, you are able to choose between deployment options maybe using for an evaluation period before actually purchasing the application.
Integration With Open Source Apps: SPSS could be integrated with other data science tools such as Python and R by means of special extensions. These can easily be added to SPSS at no cost. This means that you could use SPSS for building unlimited type of models including Machine Learning models.
What is Statistics GradPack?
This is also SPSS package but a single-user license for active students and provide low cost access to key features of SPSS required for student taking courses related to Data Science, Machine Learning and other types of analytics
What is SPSS Modeller? This is a modelling tool which is part of SPSS and provides a GUI for creating models and insights, analytics. Could help in predictive analysis for industry users as an aid for improving the business.
Data Analytics Toolpack in Excel
This comes handy as an alternative to customized tools such as SPSS, Matlab, etc. Excel Data Analysis Toolpack is an component(Add-In) of MS Excel to allows you to perform more complex data analysis opertions including Correlation and Regression, ANOVA, Histogram among others.
This is a list of things you can do with MS Excel Data Analytics ToolPack
- Single Factor Analysis of Variance
- Two-Factor Analysis of Variance
- Two Factor Analysis of Variance with Replication
- Descriptive Statistics
- Exponential Smoothing
- F-Test Two-Sample for Variances
- Fourier Series Analysis
- Histogram Analysis
- Random Number Generation
- Regression Analysis
- Moving Average
- Paired-Two Sample t-Test for Means
- Two Sample t-Test With Equal Variances
- Two Sample t-Test With Unequal Variances
- Two Sample t-Test for Means
How to Use Data Analysis ToolPack
By default the data analysis toolpack icon does not appear in the ribbon. To Add it:
1.Open the Options dialog box (File>Options)
2. Click on Add-Ins
3. Select Analysis Toolpack and Click Go
4. Check the Analysis Toolpack and Click OK
At this point the Analysis Toolpack Icon appears under The Analysis section in the ribbon
Contributed by: KINDSON MUNONYE