What Is Data Analysis?
All You Need to Know About It
Statistics are completely related to data analytics. There are different statistical tools you can use – SPSS, Excel, SAS, Python, R Programming, STATA, etc. Every tool you use helps you understand and find the meaning out of data later used to make decisions. Doesn’t matter which field you belong to; data analysis plays an important role in your professional growth. Data analysis is there in engineering, management, medical, science, programming, or R&D. No one can make business decisions without data analysis, and this is the reason which makes it one of the important topics to study.
Many students who are interested in learning more about Data analysis and database management take database management system assignment help from experts so that they can learn more about data analysis and data analysis. Data mining and Data analysis are a subset of business intelligence (BI), which also includes Online Analytical Processing (OLAP), data warehousing, and database management systems(DBMS).
What Is Data Analysis
Data analysis is known as the method of cleaning, changing, and modeling data to discover valuable information for business decision-making. The objective of Data Analysis is to obtain helpful information from data and make a decision based on data analysis. Whenever we decide in our day-to-day life, we must think about what happened last time or what will happen by choosing that particular decision. This is nothing but analyzing our past or future and making decisions based on it. For that, we gather thoughts of our past or dreams of our future. So that is nothing but data analysis. Now the same thing an analyst does for business ideas, is called Data Analysis.
Different Types Of Data Analysis
Data analysis is a somewhat complex concept to learn without the help of models. To better explain how and why data analysis is essential for businesses, here are the four types of data analysis with examples.
- Descriptive Analysis: Descriptive data analysis looks at previous data and determines what happened. This is usually used when tracking Key tax, Performance Indicators (KPIs), sales leads, etc.
- Diagnostic Analysis: This data analysis focuses on determining why something occurred. Once your descriptive analysis explains that something positive or negative happened, diagnostic analysis can determine the cause. A business may see that leads improved in October and use diagnostic analysis to decide which marketing efforts are shared the most.
- Predictive Analysis: This data analysis foretells what is going to happen in the future. In this type of analysis, trends are obtained from past data used to make forecasts about the future. For example, to foretell next year’s earnings, data from past years will be examined. If income has gone up 20% every year for several years, we will foretell that income next year will be 20% higher than this year. This is a simple example, but predictive analytics can be used to complex sales forecasting, risk assessment, or qualifying leads.
- Prescriptive Analysis: Prescriptive data analysis connects the information found from the past three types of data analysis and makes a company plan to face the problem or decision. This is where data-driven decisions are made.
Data analysis Process
Below we have mentioned the process of Data analysis:
- Data Needs– According to the study to be carried out, the information data conditions are decided.
- Data set – With primary or secondary research, data is collected and combined in a data file.
- Data processing – The data is prepared for analysis and modeling
- Data cleaning – The prepared data might contain copies or errors. The data is refined to remove the errors that may happen during modeling.
- Exploratory data analysis – This step helps the data analyzed to make some sense out of the data.
- Data Modelling/ Algorithms – different data modeling methods are used, including conceptual models, physical models, and mathematical models
- Data product – Data product is what makes the data input and provides output to the user
- Report – Once the data analysis is finished, a report is made, including charts, graphs, and figures to support the user concludes the data analysis.
Why Is Data Analytics So Important?
Learning data analytics is essential for every student because it will help them achieve the below activities important for personal and professional success.
- It helps in Splitting huge chunks of data into shorter chunks.
- Helps in getting meaningful data from the given information
- It also helps you to take proper business decisions
- Keep the biased information at bay by verifying the information completely.
We have included every important thing regarding Data Analysis that you are looking for. We have discussed types and its process. Now you know that data analysis’s main purpose is to make business decisions supported by data, so why would you let this method take so long that the insights are outdated by the time you get them?
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