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What is data analysis? How to do data analysis? What is data analysis software?

Data Analysis

Data analysis is a process of data inspection or observation, refinement, transformation and modelling, with the aim of drawing attention to necessary or useful information, proposing analytical conclusions and supporting decision making. There are many components and methods of data analysis. It may include subjects such as technology, business, science and sociology etc. with diverse names.

Data mining is a specialized data analysis technique, which focuses on discovering specific knowledge from databases. Business intelligence relies on the support of data analysis, which mainly provides insight into business information. Some researchers have divided data analysis into three categories for statistical applications. They are-

(i) Descriptive Statistics: In descriptive statistics, the amount of collected data is analyzed in various ways, such as Central Tendency (Measure, Median, Proportion), Deviation, Synthesis, Regression, various types of graphs and charts etc.

(ii) Searching or investigative data analysis: Searching or investigative data analysis focuses on discovering new features of the data.

(iii) Confirmation or positive data analysis: Confirmation or positive data analysis provides an eye towards confirmation of an existing theory.

In addition, inferential analysis focuses on the application of statistical or structural models for predictive prediction or classification. Textual analysis, on the other hand, applies statistical linguistics and structural techniques to extract and classify information from classes of textual sources and structured data. All these are variations of data analysis.

 

 There are three main objectives of computer based data analysis--

(i) Ensuring provision of usable and understandable information

(ii) Facilitate decision making by providing timely information and

(iii) Providing information at the lowest possible cost.

Computer data analysis tools

(i) Microsoft Excel

(ii) Open Office Calc

(iii) SPSS

(iv) Statistics

(v) EVUS

(vi) ADMB

(vii) Framework etc.
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