24) Differentiate between univariate, bivariate and multivariate analysis?
Descriptive statistical analysis techniques employing single variable at a given point of time are called Univariate Analysis and are one of the simplest forms of statistical analysis. Pie charts of sales based on territory involve only one variable, Bar charts, histogram etc are some of the examples of Univariate Analysis.
If the quantitative analysis attempts to understand the changes that occur between 2 variables and to what extent, it is often denoted as bivariate analysis. The variables generally used are denoted as x and y, where one variable is dependent and the other independent Analysing the volume of sale and spending can be considered an example of bivariate analysis. These analyses are often used in quality of life search.
Analysis that deals with the study of more than two independent variables to predict the effect on the dependent variable is referred to as multivariate analysis. Multivariate analysis due to the size and complexity of the underlying data sets, requires much computational effort.