Top 6 Visualizations for Quantitative Data Analysis Methods

Quantitative data analysis methods are crucial for a vast array of research endeavors. They facilitate the discovery of trends, patterns, and relationships within data sets.

Quantitative data analysis is useful when formulating hypotheses, testing theories, and drawing conclusions.

To understand complex data better, use quantitative data analysis methods. They help with gaining insights useful for sound decision-making. They also help to predict future outcomes and assess the accuracy of models.

Let’s say you want to understand consumer purchasing patterns. You can analyze consumer purchase data quantitatively to glean insights into the following;

• The most popular products.
• The time of day customers are most likely to buy.
• The most profitable customer segments.

You can modify your product offerings and customer service based on this information. This will help you serve your customers’ demands better.

What is Quantitative Data Analysis?

Assume you have numerical data. You want to glean insights to help you with various endeavors, such as decision-making.

This is where quantitative data analysis comes into play.

It analyzes numerical data sets using mathematical and statistical techniques. You can use it for various reasons, from comprehending consumer behavior to studying economic trends.

The use of quantitative data analysis is widespread, with applications ranging from science to business and economics. Visual Analytics enhances this by providing intuitive ways to measure and assess the success of a project. It aids in comparing data sets, spotting correlations between variables, and delivering insightful visual representations of data.

Types of Quantitative Data Analysis Methods

Quantitative data analysis methods are in two main categories: descriptive statistics and inferential statistics.

1. Descriptive Statistics

Descriptive statistics summarizes and describes the characteristics of a dataset. It involves using measures such as the mean, median, mode, and range. They help to describe the dataset’s central tendency, spread, and shape.

Use descriptive analytics to understand the underlying relationships and patterns between variables. This aids in educating decision-makers or informing future research.

Here is a list of the methods used in descriptive statistics;

• Mean: A dataset’s mean represents the average of all values.
• Median: The middle value of a dataset. You calculate it by arranging the values in order of size and taking the value in the middle.
• Mode: The dataset’s most frequently occurring value. Count the occurrences of each value and choose the value with the highest count to get the mode.
• Percentage: Expresses how often a value occurs in terms of a fraction of the whole.
• Frequency: The number of occurrences of a certain value in a dataset.
• Standard deviation: A measure of the spread of values in a dataset. The square root is the sum of the difference of each value and the dataset’s mean to calculate the standard deviation.
• Skewness: A measure of the asymmetry of a dataset.

2. Inferential statistics

Inferential statistics uses statistical techniques to make predictions and extrapolate inferences from data. It is commonly employed when examining correlations between variables and testing hypotheses.

Inferential statistics gathers data from a sample dataset and draws conclusions regarding the entire dataset. It uses hypothesis testing, probability distributions, and descriptive statistics. You can use the outcomes for decision-making, spotting patterns, and forecasting the future.

Inferential Statistics Data Analysis Methods

1. Cross-Tabulation

Cross-tabulation, also known as contingency table analysis, analyzes relationships between two or more categorical variables.

It arranges the variables and presents the data in a tabular style. It displays the frequency of various combinations of the variables. Therefore, you can easily spot connections between the variables and possible research areas.

Cross-tabulation in Excel is useful in analyzing survey data, market research, and consumer behavior. It can help determine which product or service resonates with a given demographic. You can also use it to track shifts in the data, zero in on outliers, and spot patterns.

Example

Here is a tabular organization of website traffic data from different countries and devices.

Country	Gender	Mobile	Desktop	Tablet
USA	Male	25000	13000	8000
USA	Female	10000	6000	35000
Canada	Male	30000	15000	4000
Canada	Female	20000	12000	5000
UK	Male	18000	12000	25000
UK	Female	28000	18000	12000
Australia	Male	13000	9000	8000
Australia	Female	40000	20000	14000

When we map the data on a Stacked Bar Chart, it produces the visualization below.

2. MaxDiff Analysis

MaxDiff analysis is a market research technique for identifying the most preferred items from a set of options. It is based on the principle of maximum difference.

MaxDiff analysis involves presenting respondents with a series of questions. Each question displays a small subset of options from a larger set. Respondents choose the option they prefer the most, second-most, third-most, etc. The data is then compiled to create ratings for each option within the larger set.

MaxDiff analysis is a valuable tool for understanding customer preferences. Therefore, essential for product or service development decision-making. It can also help identify potential areas of improvement and optimize customer satisfaction.

Example

Assume you run an ice cream business. You ask the customers their preferred flavor and tabulate the results below.

Search Terms	Prefer Least	Prefer Most
Vanilla	1500	2100
Chocolate	1200	2500
Strawberry	300	3500
Orange	800	1800
Blueberry	900	450
Caramel	1300	900
Mint	1600	2300
Coffee	700	1300
Almond	1200	280
Mango	650	2300

You can visualize the results in a Tornado Chart, as shown below.

From the visualization, Strawberry has the longest bar on the most preferred side, thus the most preferred flavor. Mint is the least preferred flavor as it has the longest bar on the least preferred side.

3. Gap Analysis

Gap analysis compares the actual performance of a business to its potential. It identifies improvement areas, measures strategies’ effectiveness, and assesses overall performance.

Gap analysis involves measuring current performance against established goals, and a clustered stacked bar chart can be an effective tool in visualizing these comparisons. This assessment reveals any performance gaps, allowing you to identify areas for improvement. Once you identify these gaps, you can devise strategies to close them and enhance performance.

Example

Here is data on actual spending against the allocated budget.

Departments	Actual Spending	Allocated Budget
Sales	60,000	50,000
Marketing	75,000	80,000
Administration	65,000	40,000
Operations	80,000	60,000
Customer Support	40,000	30,000
R&D	60,000	70,000

You can map the data on a Progress Chart and Radar Chart, as shown below. This eases the process of identifying gaps between the variables.

4. Text Analysis

Text analysis entails drawing crucial insights from textual data through the use of a text analysis tool. This process seeks to find trends and patterns in unstructured data to offer actionable insights.

Text analysis aids in language detection, keyword extraction, and sentiment analysis. By leveraging a text analysis tool, you can enhance customer experience, uncover untapped opportunities, make informed decisions, and streamline processes.

Example

Let’s say you have the data below from the reviews of a digital camera.

Words	Repetition
extra money	247
low light condition	499
separate e 510	303
canon	105
fewer lens	415
several DSLR	435
white mode	191
focus	382
low light situation	117
poor focus	195
manual focus	400
different meter	390
pictures	421
Positive	345
great picture	308
good picture	193
sharp picture	125
Negative	380
high quality picture	290
outdoor picture	391
lenses	464
change lens	401
high-quality lens	332

You can map it on a Word Cloud to glean insights, as shown below.

How to Analyze Quantitative Data from a Survey?

Gathering and analyzing data is essential to understanding customers’ needs and your business’s success. Quantitative data is precious, as it can provide invaluable insights into customer behavior and preferences.

Before diving into survey data analysis, having a solid game plan in place is crucial. This will facilitate accurate and comprehensive analysis.

This necessitates the use of the correct tools.

Using a spreadsheet program like Excel is the most common approach for analyzing survey data.

This can be challenging, especially when working with a large data set.

Fortunately, data analysis is a breeze, thanks to ChartExpo.

Why ChartExpo?

Benefits of Using ChartExpo

• ChartExpo allows customization of charts and dashboards to tailor them to specific needs. This enables you to create appealing visualizations to present the data better.
• The intuitive ChartExpo user interface facilitates simplicity. This guarantees that you will not need to spend time learning complex visualization techniques. You can create the ideal data visualization with just a few clicks.
• ChartExpo offers a variety of chart and graph types. It also provides an extensive array of visualization features. This ensures that you can achieve the desired results swiftly and precisely.
• ChartExpo has a 7-day free trial that allows you to test it before committing to a paid subscription. Furthermore, it has an affordable $10 monthly subscription.

How to Install ChartExpo in Excel?

1. Open your Excel application.
2. Open the worksheet and click the “Insert” menu.
3. You’ll see “My Apps”.
4. In the office Add-ins window, click “Store” and search for ChartExpo on my Apps Store.
5. Click the “Add” button to install ChartExpo in your Excel.

ChartExpo charts are available both in Google Sheets and Microsoft Excel. Please use the following CTA’s to install the tool of your choice and create beautiful visualizations in a few clicks in your favorite data visualization tool.

Example

Let’s say you own an online store. You survey customer feedback where customers respond to questions on a scale of 1 to 5.

• Extremely Dissatisfied = 1
• Dissatisfied = 2
• Neutral = 3
• Satisfied = 4
• Extremely Satisfied = 5

Assume you have received the data on responses as displayed below.

Questions	Scale	Responses
How satisfied are you with the variety of products offered by the store?	1	145
How satisfied are you with the variety of products offered by the store?	2	192
How satisfied are you with the variety of products offered by the store?	3	322
How satisfied are you with the variety of products offered by the store?	4	455
How satisfied are you with the variety of products offered by the store?	5	886
How satisfied are you in finding the product in the store?	1	170
How satisfied are you in finding the product in the store?	2	178
How satisfied are you in finding the product in the store?	3	259
How satisfied are you in finding the product in the store?	4	603
How satisfied are you in finding the product in the store?	5	790
How satisfied are you with the product price?	1	185
How satisfied are you with the product price?	2	125
How satisfied are you with the product price?	3	142
How satisfied are you with the product price?	4	701
How satisfied are you with the product price?	5	847
How satisfied are you with the checkout process?	1	188
How satisfied are you with the checkout process?	2	175
How satisfied are you with the checkout process?	3	379
How satisfied are you with the checkout process?	4	734
How satisfied are you with the checkout process?	5	524

• To get started with ChartExpo, install ChartExpo in Excel.
• Now Click on My Apps from the INSERT menu.

• Choose ChartExpo from My Apps, then click Insert.

• Once ChartExpo is loaded. Click on “Likert Scale Chart” from the list of charts.

• Click the “Create Chart From Selection” button after selecting the data from the sheet, as shown.

• The Likert Scale Chart will look as follows.

• If you want to have the title of the chart, click on Edit Chart, as shown in the above image.
• To change the title of the chart, click on the pencil icon that is available very next to Chart Header.
• It will open the properties dialog. Under the Text section, you can add a heading in Line 1 and enable the Show option. Give the appropriate title of your chart and click on the Apply button.

• You can also modify the color of the bars. Let’s change the shade of the neutral bar from gray to blue. Click the pencil icon at the top of the Overall bars. Then, expand the “Bars Colors” properties and switch the color to blue. Click the “Apply All” button.
• For saving changes click on Save Changes. This will persist the changes.

• Your final chart will look like the as below.

Insights

• 67% of customers stated that the variety of items available was satisfactory, while 17% expressed dissatisfaction. 16% had a neutral stance on the variety.
• 70% of customers reported finding what they sought quickly, while 18% said it was difficult.
• 77% reported satisfaction with product prices, while 15% were not.
• 63% of customers said they were content with the checkout process, while 18% were not.
• Overall, 69% of customers are content with the store. A more detailed analysis reveals that;
  • 38% are extremely satisfied
  • 31% are satisfied.
  • 9% are extremely dissatisfied.
  • 8% are dissatisfied.
  • 14% are neither satisfied nor dissatisfied.

FAQs:

What is quantitative data analysis?

Quantitative data analysis entails gathering and examining numerical data. It employs statistical techniques to characterize and summarize data sets, spot trends, and patterns, and make forecasts.

What is the best way to analyze quantitative data?

The best way to analyze quantitative data is to create visualizations with ChartExpo for Excel. Using ChartExpo, you can create insightful charts and graphs to help you analyze your quantitative data. Consequently, get a better understanding of your data.

What are the types of quantitative data analysis?

Quantitative data analysis has two main categories: descriptive statistics and inferential statistics.

• Descriptive statistics summarizes and organizes data to draw valid conclusions.
• Inferential statistics make generalizations about a population based on a sample.

What are the advantages of quantitative data analysis?

Quantitative data analysis provides an objective view of a phenomenon enabling more precise and dependable results. Also, it enables a higher degree of understanding and precise forecasting.

Wrap Up

Quantitative data analysis is an essential tool for understanding intricate numerical data. It aids in identifying trends, correlations, and patterns within data sets. You can also use it to anticipate future outcomes and evaluate the accuracy of models.

We’ve discussed the various types of quantitative data analysis methods. You now comprehend each method’s contribution to the overall data analysis process.

The initial stage of any data analysis endeavor is to organize the data. You accomplish this using a spreadsheet tool like Excel. Once the data has been organized, you can implement the various data analysis methods. The choice depends on the type of data available and your objectives.

You can visualize and understand your data using the appropriate charting software. This aids in identifying trends and correlations and spotting potential issues.

This is where ChartExpo comes in handy.

Using ChartExpo to analyze quantitative data saves you time and effort. It is easy to use, fast, accurate, and customizable.