Answer:
Step 1: Knowing and Defining your questions:
Step 2: Measurement
Step 3: Data Collection
Step 4: Analyzing the Data:
Step 5: Interpreting the results
Explanation:
Data Science is no doubt the most necessary science today. Every company, business or government need lots of data to make their decision making efficient and accurate.
For efficient decision making, data analysis is the key tool to utilize.
Data Analysis is basically the converting millions of billions of raw data into something useful out of it in terms of decision making of anything.
Data Analysis has 5 simple steps to follow, which are discussed below one by one.
Step 1: Knowing and Defining your questions:
Knowing right questions is the first and most critical steps in the data analysis process. Wrong questions will lead to wrong decisions. Therefore, make clear, concise and problem oriented questions.
For example: Our company is experiencing a downfall in revenues, can we afford to cut down the manpower?
Step 2: Measurement
For this step to complete, you must need to know what to measure and how to measure it.
For example: For cutting down of manpower, what type of data we need to measure? obviously we will be needing data relating to manpower and our companies revenues to generate the relation between them. Furthermore, it is equally necessary to know how to measure it. What factors do we include in it. What is our time frame etc etc.
Step 3: Data Collection
Obviously, this is the feed of all the process. For data analysis, you need to have sufficient data in the first place.
Step 4: Analyzing the Data:
After acquiring all the steps in the process, it is time to analyze the data more deeply. You will be searching for correlations in your data with your problem. In this step, you will be finding different parameters such as maximum, minimum, standard deviation, variance et. Moreover, you will needing graphs to plot the data that you have acquired.
Step 5: Interpreting the results
Lastly, you need to correctly interpret the results that you have got from the previous step. Right interpretation will lead to right decision making which will make a fortune of your company and wrong interpretation will lead to wrong decision making and you will be going otherwise,
