Meaning and Definition of Data Analysis
Data collected from different sources ( primary and secondary) are evaluated and interpreted so as to achieve the result. Such data are analyzed and interpreted using statistical, econometric, and mathematical techniques which are known as data analysis. First of all, raw data are to be arranged in a systematic order and they should be analyzed using various statistical tools so as to reach the conclusion.
According to Wikipedia, “Data analysis is a process of gathering, modeling and transforming data with the goal of highlighting useful information, suggestions, conclusions and supporting decision making. Data analysis has multiple facets and approaches, encompassing diverse techniques under a variety of names, in different business, sciences, and social science domains. “
Thus, data analysis is the process of gathering, arranging, classifying, modeling, and analyzing the data with the purpose of generating useful information.