Reports Publication 02
STATISTICAL ANALYSIS · MODELLING

Comprehensive Statistical Models.

A comparative reference to statistical models used across predictive, exploratory, inferential, correlational, probabilistic and survival analysis.

AUTHOR Begarving Arthur
PUBLISHED 27 November 2024
TYPE Statistical Reference
REPORT OVERVIEW

Choosing statistical models for different analytical questions.

Statistical models provide structured approaches for analysing data and examining relationships between variables. They support researchers, analysts and data scientists in identifying patterns, testing relationships, making predictions and interpreting empirical evidence.

This report compares a broad range of statistical models by analytical category, primary use, compatible data types, selection considerations and commonly used software.

32 Unique Models

Statistical and analytical models included in the cleaned comparative reference.

06 Model Families

Predictive, exploratory, inferential, correlational, probabilistic and survival models.

07 Comparison Dimensions

Model, category, purpose, data compatibility, suitability, selection criteria and software.

Purpose

Support model selection according to the analytical question, outcome structure and characteristics of the available data.

01
STATISTICAL ANALYSIS

Comparative Table of Statistical Models.

The table below compares statistical models by their analytical role, primary application, supported data, appropriate use, selection considerations and commonly used software.

Statistical Model Category Primary Use Data Types Supported Best For Criteria to Choose Tools / Software
Simple Linear Regression Predictive Model Predicts a dependent variable using a single independent variable Continuous dependent; continuous/ordinal independent Primary/secondary data; continuous outcomes Linear relationship between variables; normality assumptions SPSS, R, Python, Excel
Multiple Linear Regression Predictive Model Predicts a dependent variable using multiple independent variables Continuous dependent; continuous/ordinal/categorical independent Primary/secondary data; complex relationships; continuous outcomes Multivariate data; no multicollinearity; dependent variable continuous Stata, R, Python, SAS, SPSS
Logistic Regression Predictive Model Classifies the dependent variable into binary or categorical outcomes Categorical dependent; continuous/categorical independent Primary data with categorical outputs Classification tasks; non-linear relationships Python, R, Stata, SPSS
Poisson Regression Predictive Model Models count data and rates Count data Primary/secondary data; count-based outcomes Data follows a Poisson distribution R, Stata, SPSS
Decision Trees Predictive Model Classifies outcomes based on decision rules Categorical or continuous dependent Primary data; classification or regression tasks Non-linear relationships; small to large datasets Python, R, Weka
Random Forest Predictive Model Ensemble method combining multiple decision trees Continuous or categorical dependent Primary/secondary data; classification/regression Handles high-dimensional data well Python, R, Weka
Support Vector Machines (SVM) Predictive Model Classifies data using hyperplanes Continuous/categorical data Primary data; small datasets Clear margin of separation Python, R, MATLAB
Naive Bayes Predictive Model Probabilistic classifier based on Bayes' theorem Categorical data Primary/secondary data Independence assumption between predictors Python, R, Weka
K-Nearest Neighbors (KNN) Predictive Model Classifies data based on nearest neighbors Continuous or categorical data Primary data Distance-based decision making Python, R, Weka
Principal Component Analysis (PCA) Exploratory Model Reduces dimensionality while retaining variance Continuous data High-dimensional datasets Exploratory data analysis; noise reduction Python, R, MATLAB
Hierarchical Clustering Exploratory Model Groups data into hierarchical clusters Continuous data Primary/secondary data Data with unknown groupings Python, R, SPSS
K-Means Clustering Exploratory Model Partitions data into clusters based on centroids Continuous data Primary data; large datasets Unsupervised learning tasks Python, R, MATLAB
Structural Equation Modeling (SEM) Exploratory Model Analyses structural relationships between variables Continuous or categorical data Survey-based data Complex relationships with latent variables AMOS, R, Python
Latent Dirichlet Allocation (LDA) Exploratory Model Identifies topics in text data Textual data Primary/secondary data Unsupervised learning; text-heavy datasets Python, R
Time Series Analysis (ARIMA) Predictive Model Models temporal trends in data Time-series data Primary/secondary data Data with temporal dependencies Python, R, Stata
Cox Proportional Hazards Survival Model Analyses time-to-event data Survival data Medical, reliability engineering Event-based analysis with censoring R, Python, SAS
Bayesian Networks Probabilistic Model Represents relationships between variables probabilistically Continuous/categorical data Primary data Probabilistic inference and dependencies Python, R
Factor Analysis Exploratory Model Identifies latent variables Continuous data Survey and psychometric data Reduces observed variables to latent factors SPSS, R, Python
Canonical Correlation Analysis (CCA) Exploratory / Correlational Model Explores relationships between two sets of variables Continuous/ordinal dependent and independent variables Multiple predictors and outcomes; relationships between datasets When there are multiple independent and dependent variables to correlate R, Python, Stata
Multivariate Analysis of Variance (MANOVA) Inferential Model Analyses group differences on multiple dependent variables Continuous dependent; categorical independent Experimental data Tests for differences across groups SPSS, R, SAS
Mixed-Effect Models Predictive Model Handles fixed and random effects Continuous or categorical data Hierarchical data Analyses repeated measures R, Python, Stata
Discriminant Analysis Predictive Model Classifies observations into groups Continuous independent; categorical dependent Primary data Classifies and predicts group membership SPSS, R, Python
Gaussian Mixture Models Probabilistic Model Clusters data probabilistically Continuous data Unsupervised clustering tasks
Probit Regression Predictive Model Models binary outcomes based on normality Binary dependent; continuous/ordinal/categorical independent Binary outcomes where normal distribution of the error term is assumed Similar to logistic regression but used where the probit specification is appropriate Stata, R, Python
Ridge Regression Predictive Model Reduces overfitting by adding regularization Continuous dependent; continuous/ordinal/categorical independent High-dimensional datasets; multicollinear data When multicollinearity exists among predictors or overfitting is a concern Python (Scikit-learn), R, MATLAB
Lasso Regression Predictive Model Performs variable selection and regularization Continuous dependent; continuous/ordinal/categorical independent Feature selection in high-dimensional datasets When feature selection is needed and overfitting is a concern R, Python, MATLAB
Spearman's Rank Correlation Correlational Model Measures monotonic relationships between variables Ordinal or continuous data Non-linear relationships; ordinal data When data is ordinal or non-normally distributed R, Python, SPSS, Excel
Kendall's Tau Correlational Model Measures ordinal associations Ordinal or continuous data Small datasets; ordinal associations When there are ties in the data and smaller sample sizes are involved R, Python, SPSS
Cluster Correlation Correlational Model Examines correlations within and between clusters of data Grouped data Hierarchical or clustered datasets When data is grouped or nested and within/between-group correlations are of interest R, Python, MATLAB
Negative Binomial Regression Predictive Model Handles overdispersed count data Count dependent; continuous/categorical independent Overdispersed count data When count data shows overdispersion (variance greater than mean) R, Stata, SAS, Python
Multinomial Logistic Regression Predictive Model Predicts outcomes with more than two categories Categorical dependent; continuous/ordinal/categorical independent Multiclass categorical outcomes When the dependent variable has more than two categories Stata, SPSS, R, Python
Hierarchical Linear Modeling (HLM) Predictive Model Models nested data structures Continuous/ordinal dependent; nested data structures Multilevel datasets such as students within classes or employees within departments When observations are nested and within-group dependencies must be modelled R, HLM Software, Stata, SPSS

Model selection should follow the research question, measurement level, structure of the dependent variable, characteristics of the data and assumptions of the proposed analytical technique.

02
MODEL FAMILIES

Different models answer different analytical questions.

The models in this reference span several analytical families. Predictive approaches dominate the collection, while exploratory, correlational, probabilistic, inferential and survival models address different forms of empirical questions.

The presence of a model in a particular family should be read as a practical organising device rather than a substitute for evaluating the assumptions and purpose of the individual statistical technique.

PUBLICATION NOTE

A comparative statistical reference.

This publication is designed as a practical starting point for comparing analytical methods. A statistical model should ultimately be selected according to the research objective, data structure, measurement properties and assumptions relevant to the individual analysis.

INVESTMETRICS Evidence Library
RESEARCH & PUBLICATIONS

Need statistical support for your own analysis?

Investmetrics provides statistical analysis, research design, model selection, data interpretation and publication support across applied research assignments.