Data Analysis and its Importance

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What Is Data Analysis and Why Is It Important?
Data analysis simply refers to the process of
applying logical and analytical reasoning in the
evaluation of data. Data analysis involves the
modeling, compiling and extraction of all
components of the raw data to generate
constructive information.Data analysis is one of
the most important steps involved in the process
of research experiment.
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TYPES OF DATA ANALYSIS
Exploratory Data Analysis
Confirmatory Data Analysis
Is the first part of your data analysis process
and is used to explore big data sets that will
help in drafting conclusions or predictions
This method evaluates and explores your evidence
using traditional statistical tools such as
significance, inference, and confidence
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Data
Mining
Text
Analytics
Data
Visualization
Business
Intelligence
METHODS DURING DATA ANALYSIS
This Method refers to examining large
pre-existing databases in order to generate new
information
Is the process of deriving useful information
from the text and drawing meaningful results out
of written communication.
This refers to the visual representation of data
with the help graphical elements like charts,
graphs, maps, etc.
Transforms data into actionable intelligence for
business purposes and may be used in an
organizations strategic and tactical business
decision making.
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