Analysis of data

 

Data analysis is a process of searching for information that could be used to predict, understand or support the courses of action taken by companies.

Taking information as it is, studying it to reach a conclusion, using it as a basis for making decisions in the business world is part of the science of data analysis. Data analysis is a data analysis technique and is divided into several general parts, namely: confirmatory data analysis (CDA), qualitative data analysis (QDA) and exploratory data analysis.

The CDA, also known as statistical hypothesis testing, is used to make decisions based on the results of the experiments. It tests a current statistic or theory and makes it meaningful or insignificant.

EDA is in contrast to CDA. Its approach is descriptive, without preconceptions. Unlike confirmatory data analysis, exploratory data analysis derives a theory or hypothesis based on what is found in the research. The questions to answer generally arise from the data collected, unlike the CDA, where there is already a set of questions that need specific answers.

QDA is the process of analyzing data from different angles, aspects, approaches, or perspectives. For example, two people may be looking at the same thing but have totally different thoughts about it. This concept applies to QDA. How the data will be interpreted will depend on the purpose. Qualitative data analysis focuses on information that cannot be contained in numbers, but can be deduced from images, videos, people watching, behaviors, etc.

That said, some might predictive analytics  data mining, when the two are quite different. As data analysis focuses on what is already known and seen, data mining digs deeper to find other patterns and connections that have yet to be discovered.

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Various companies are investing in data analysis because they have already demonstrated their need in the world of commerce. It doesn't matter if it's about buying or selling goods or services, the business world is intertwined with data analysis.

Simply put, data analysis is a systematic way of understanding available information and using it to drive new businesses. It helps companies decide what the next step would be and if that step would take them or not. It has come a long way in the years that have passed and because of technology; Data analysis is faster and more efficient. With the use of computers and other types of modern equipment, more can be accomplished in less time.