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Data analysis.

Ambang Awa Minate,

Department of accounting,

Acc 102-02,

Prof David Thrope,

05/12/2021.
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Data Analysis.

Data analysis is a process of applying systematic and logical techniques to

describe and illustrate, condense and recap data. In a government document, it says

“it provides a way of drawing inductive inferences from data and distinguishing

the signal (the phenomenon of interest) from the noise (statistical fluctuations)

present in the data ….” By (Shamoo and Resnik 2003). Another simpler way. To

define data analysis, is a process of cleaning, transforming, and modeling data to

discover useful information for business decision making. The reason why we

analyze data to extract useful information from data and taking decisions based on

data analysis. An example of data analysis is, when taking decisions in our daily

lives, we think about what happen last time or what will happen choosing that

decision. This means we are analyzing our past and future or making decision

based on it. From that, we gather memories of our past and dream of our future,

and this is nothing but analyzing data. That is the same what analyst do for

business purposes.

In a blog getsmart, I gathered that, “Data analysis is important in a business

to understand problem facing and organization and to explore data in meaningful

ways. Data is merely fact and figures. Data analysis organizes, interprets, structure,

and presents the data into useful information that provides context for the data.
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This context can then be used by decision makers to act with the aim of enhancing

productivity and business gain.

Data analysis is one of the most important processes that businesses need in order

to make the right decision. There are some virtual businesses who don’t need

critical analysis for their data for them to make nice decisions. Effective data

analysis is a skill that can be applied to finance, business retails, medicine,

healthcare and even sports.

Data analysis can be used to grow a business. To grow in business even to grow in

life, sometimes all we need to do is analyze. If your business is not growing,

sometime all need to do is look back and acknowledge the mistakes you make and

plan in order not to repeat the same mistakes. Even if your business is progressing,

you must look forward to making the business progress more. All you need to do is

analyze your business data and its processes.

Data can be analyzed in two main ways and it has other techniques for data to

be analyze. The two main ways data can be analyzed in.

 Qualitative analysis

 Quantitative analysis

Qualitative analysis simply means answering questions using “what”,

“why”, and “how”. Each of these questions are addressed via quantitative
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techniques such as questionnaires, attitude scaling, standard outcome and

more. Such kind of analysis is either in text and narrative form, which might

include video and audio representation.

Quantitative analysis is measured in numbers. The is represented in terms of

measurement, scales, and extend themselves for more manipulation.

The other techniques include:

Statistical data collection, interpretation, and validation. Statistical Analysis

is a technique performed by several statistical operation to qualify data and

applies that statistical analysis. Quantitative data involve descriptive data

like surveys and observations that are it has various tools to perform

statistical data analysis such as SAS (Statistical Analysis System) and more.

Prescription analyses suggest various courses of action the potential

implications could be reached after predictive analysis. Generating

automatic decision or recommendation requires specific and unique

algorithmic and clear directions from those utilizing analytical techniques.

Reference:

Arora, S. K. (2020, May 14). What is Data Analysis? Methods, Techniques & Tools. Hackr.io.

https://hackr.io/blog/what-is-data-analysis-methods-techniques-tools.

Data analysis and the importance of analytical tools. GetSmarter Blog. (2019, November 27).

https://www.getsmarter.com/blog/career-advice/data-analysis-and-the-importance-of-

analytical-tools/.

Data Analysis. (n.d.).

https://ori.hhs.gov/education/products/n_illinois_u/datamanagement/datopic.html.

Francis, M. (2021, March 22). The Importance of Data Analysis: Resagratia: Data Analytics.

Resagratia. https://resagratia.com/2020/06/the-importance-of-data-analysis/.

What is Data Analysis? Research: Types: Methods: Techniques. Guru99. (n.d.).

https://www.guru99.com/what-is-data-analysis.html.