Data analysis is the process of analyzing and cleansing, transforming and modeling data in order to discover useful information, inform conclusions, and support decision-making. It’s a step in the intelligence cycle that transforms raw data into useful insights that help businesses gain a competitive advantage.
The first step in data analysis is to identify the question you’re trying to solve or the business issue you’re seeking to resolve. This requires careful investigation and could include https://apcslonline.com/2023/06/09/what-is-data-analysis/ forming or revising an initial hypothesis, which can be verified using data.
Once you’ve identified your issue After identifying your issue, you can begin accumulating the necessary data sets from both internal and external sources. You can make them as organized or as unstructured as is possible but they should contain both qualitative and quantitative data. Data analysis and collection is an ongoing process. You will likely collect additional data in order to re-evaluate the original question you asked and any assumptions you’ve made in the process.
In this phase you’ll employ various techniques and tools to manipulate the data set and discover patterns, trends, outliers, or variations that can tell a tale. You can use data visualization software, for example, to convert the data into a visual format that is easy to comprehend. You can also conduct predictive or diagnostic analyses to predict the future outcome.
The next step is to present and interpret your results. This section should explain the statistical methodologies used in the analysis, including any sensitivity and robustness tests conducted along with the results themselves. If you’ve used tables or figures, be sure to clearly label them and provide clear captions.
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