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Key Steps in Data Analysis

Data analysis involves inspecting, cleaning, transforming, and modeling raw data to extract insights and support decision-making across various fields. Key steps include data collection, cleaning, transformation, modeling, and interpretation, with types of analysis such as descriptive, diagnostic, predictive, and prescriptive. Its importance lies in informed decision-making, discovering insights, identifying opportunities, and improving efficiency.

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7 views2 pages

Key Steps in Data Analysis

Data analysis involves inspecting, cleaning, transforming, and modeling raw data to extract insights and support decision-making across various fields. Key steps include data collection, cleaning, transformation, modeling, and interpretation, with types of analysis such as descriptive, diagnostic, predictive, and prescriptive. Its importance lies in informed decision-making, discovering insights, identifying opportunities, and improving efficiency.

Uploaded by

Tanniya Denniz Gurure
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Data analysis is the process of inspecting, cleaning, transforming, and modeling raw data to

discover useful information, uncover patterns, and support informed decision-making across
various fields like business, healthcare, and research. It involves techniques and statistical
methods to extract insights, test hypotheses, and communicate findings effectively, often
using software tools and culminating in actionable recommendations.

Key Steps in Data Analysis

1. Data Collection: Gathering raw data from various sources.

2. Data Cleaning: Preparing the data by removing duplicates, reconciling


inconsistencies, and standardizing formats.

3. Data Transformation: Converting data into a suitable format for analysis, sometimes
involving the ETL (Extract, Transform, Load) process.

4. Data Modeling: Applying statistical and computational techniques to the cleaned


data.

5. Data Interpretation & Communication: Analyzing the results to find patterns and
trends, and then communicating these insights to inform conclusions and decision-
making.

Types of Data Analysis

 Descriptive Analysis: Summarizes historical data to understand what happened in


the past.

 Diagnostic Analysis: Investigates the reasons why something happened.

 Predictive Analysis: Uses data to forecast future events or trends.

 Prescriptive Analysis: Recommends actions to take based on predictive insights to


achieve specific goals.

Why Data Analysis is Important

 Informed Decision-Making:

Provides the data-backed insights needed for better business and research decisions.

 Discovering Insights:

Helps organizations understand customer behavior, market trends, and operational


performance.

 Identifying Opportunities:

Reveals new opportunities for product customization, service improvement, and growth.

 Improving Efficiency:
Optimizes business performance by identifying areas for improvement based on data.

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