Data Analysis
The process of extracting insights from data in order to make better business decisions is known as data analysis. The analysis of data typically proceeds through five iterative stages as mentioned below:
- Determine the data that will be analyzed.
- Gather the information
- Clean the data before analyzing it.
- Examine the data
- Analyze the results and interpret them.
Descriptive Data Analysis
Data analysis can take various forms. In a nutshell, descriptive analysis tells us what happened, diagnostic analysis tells us why it happened, predictive analytics generates future projections, and prescriptive analysis generates actionable advice on what actions to take.
What Does a Data Analyst Do?
A data analyst gathers, cleans, and interprets data sets to answer questions or solve problems. They work in a variety of fields such as business, finance, criminal justice, science, medicine, and government.
What types of customers should a company target in its next advertising campaign? What age group is most susceptible to a specific disease? What behavioural patterns are associated with financial fraud? These are the kinds of questions you might be asked as a data analyst.
Responsibilities of a Data Analyst
A data analyst is someone whose job is to collect and analyze data in order to solve a specific problem. The job requires a lot of time spent with data, but it also requires communicating findings.
Data Collection:
Analysts frequently collect data on their own. Conducting surveys, tracking visitor characteristics on a company website, or purchasing datasets from data collection specialists could all fall under this category.
Cleaning the Data:
Raw data may contain duplicates, errors, or outliers. Cleaning the data entails keeping the quality of data in a spreadsheet or programming language so that your interpretations are not incorrect or skewed.
Data Modelling
Model data entails creating and designing database structures. You might decide what types of data to store and collect, how data categories are related to one another, and how the data will appear.
Data Interpretation:
Data interpretation entails identifying patterns or trends in data that may provide an answer to the question at hand.
Presenting the Data:
Communicating the findings of your research will be an important part of your job. You accomplish this by creating visualizations such as charts and graphs, writing reports, and presenting information to interested parties.
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