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Decision Equity by Piyush Kumar

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The Three Essential Analytical Tools

Having discussed the basic data properties of mean, variance, and covariance, we not turn to discussing the three covariance-based techniques referenced earlier—correlation analysis, regression analysis, and structural equations modeling (SEM). We will discuss these in the same order, that is, correlation followed by regression and then followed by SEM. The reason for doing so is that correlation is probably the simplest to deploy and understand, and SEM is the most complex. However, simple does not mean inadequate or inferior to a more complex technique. Sometimes based on the objectives of the research, correlation might provide all the necessary information that the project requires. In such a case, it ...

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