Data analysis is a systematic method of cleaning, transforming and modelling statistical or logical techniques to describe and evaluate data. Using data analysis as an analytical skill means being able to examine large volumes of data and then identifying trends within the data. It is critical to be able to look at the data and determine what information is important and should be kept and what information is irrelevant and can be discarded. Data analysis includes finding different patterns within the information which allows you to narrow your research and come to a better conclusion.
Text Analysis Text analysis is the discovery and understanding of valuable information in unstructured or large data. It is a method to transform raw data into business information, allowing for strategic business decisions by offering a method to extract and examine data, derive patterns and finally interpret the data.
Statistical Analysis Statistical analysis involves the collection, analyses and presentation of data to decipher trends and patterns. It is common in research, industry and government to enhance the scientific aspects of the decision that needs to be made. It consists of descriptive analysis and inferential analysis.
Descriptive Analysis Descriptive analysis provides information about a sample set that reflects the population by summarising relevant aspects of the dataset i.e. uncovering patterns. It displays the measures of
central tendency and measures of spread, such as mean, deviation, proportion, frequency etc.
Inferential Analysis Inferential analysis analyses a sample from complete data to compare the difference between
treatment groups. Multiple conclusions are constructed by selecting different samples. Inferential analysis can provide evidence that, with a certain percentage of confidence, there is a relationship between two variables. It is adopted that the sample will be different to the population, thus, we further accept a degree of uncertainty.
Diagnostic Analysis Diagnostic analysis showcases the origin of the problem by finding the
cause from the insight found in statistical analysis. This form of analysis is useful to identify behavioural patterns of data.
Predictive Analysis Predictive analysis is an advanced form of analytics that forecasts future activity, behaviour, trends and patterns from new and historical data. Its accuracy is based on how much faithful data is present and the degree of inference that can be exploited from it.
Prescriptive Analysis Prescriptive analytics provide firms with optimal recommendations to solve complex decisions. It is used in many industries, such as aviation to optimise schedule selection for airline crew. == Creativity ==