Data Analysis in Research
Data analysis is a method of obtaining, converting, refining and modelling data to make meaningful inferences from data. The outcomes so acquired are described, proposing results, and strengthening decision-making. In our routine life, we come across information through print, audio and visual media, social gatherings, and discussions. Data analysis is defined as a cleaning process, processing, and modelling of data to discover useful information for business decisions.
Data analysis helps in extracting useful information from the given data and making decisions. Data mining is part of the analysis. This is when the analyst explores data to discover any model or trend. The result of the descriptive analysis is a visual representation of the data, such as a bar chart, for example, or a pie chart. Thus, descriptive analyses condemn large volumes of data in a clear and simple description of what happened. This is often the starting point for a deeper analysis since we now explore.
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Types of Data Analysis
Data analysis is a process of examining, transforming and modelling data with an aim of extracting useful information and conclusions and supporting decision making.
In data analysis, there are four major analysis types listed as follows:
Descriptive Analysis
The descriptive analysis analyses what happened in the past. As its name suggests, the purpose of descriptive analysis is simply to describe what happened, do not try to explain why this could be successful or establish causal relationships. The goal is only to provide an easily digestible snapshot. For example, Google Analytics helps in descriptive analysis. It provides a simple description of how many people visited a website in a given time and many other details. Similarly, tools such as HubSpot will show you how many people have opened a particular e-mail or have been dedicated to a certain campaign.
Diagnostic Analysis
The main purpose of the diagnostic analysis is to identify and respond to anomalies in their data. To reach the root cause, the analyst will start by identifying any source of additional data that can offer more information on why the sales drop occurred. They could deepen to find it, despite a healthy volume of websites and a good number of shares “Add to cart”, very few customers truly proceeded to realise and make a purchase.
After an additional inspection, it is light that most customers have abandoned the ship to the point of completing their delivery address. Now, you are going somewhere! Is starting to seem that there was a problem with the address form; Perhaps it is not loaded correctly on the mobile phone, or it was simply too long and frustrating. With a small excavation, you are closer to find an explanation for your data anomalies.
Predictive Analysis
Predictive analysis tries to predict what could happen in the future. Based on past models and trends, data analysts can design predictive models that value the probability of an event or future result. This is particularly useful since it allows companies to plan.
Prescriptive Analytics
Provides guidance on what should happen next. In other words, it examines data or content to answer the question “What should be done? The prescriptive analysis is, without doubt, the more complex type of analysis, which involves algorithms, machine learning, statistical methods and modelling procedures of the computer.
This allows you to see how each combination of conditions and decisions may affect the future and allows you to measure the impact that a particular decision might have. Based on all the possible scenarios and potential outcomes, the company can decide which is the best “ route “ or action to be taken.
Techniques and Methods of Data Analysis
Depending on the era and your enterprise goals, you could pick from some distinct statistics evaluation techniques. Some important methods of data analysis are:
Text Analysis
This is likewise referred to as statistics mining. Text evaluation makes use of databases or statistics mining equipment to locate styles inside huge statistics units. This way that evaluation will remodel uncooked statistics into enterprise insights. With the cap potential to find styles in huge units of statistics, you could then make higher decisions.
Statistical Analysis
With beyond statistics displayed within the dashboard, the statistical evaluation solutions the query of “What happened?”
Business Ethics
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- What is Ethics?
- What is Business Ethics?
- Values, Norms, Beliefs and Standards in Business Ethics
- Indian Ethos in Management
- Ethical Issues in Marketing
- Ethical Issues in HRM
- Ethical Issues in IT
- Ethical Issues in Production and Operations Management
- Ethical Issues in Finance and Accounting
- What is Corporate Governance?
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- What is Ownership Composition?
- Types of Companies in India
- Internal Corporate Governance
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- Corporate Governance in India
- What is Enterprise Risk Management (ERM)?
- What is Assessment of Risk?
- What is Risk Register?
- Risk Management Committee
Corporate social responsibility (CSR)
Lean Six Sigma
- Project Decomposition in Six Sigma
- Critical to Quality (CTQ) Six Sigma
- Process Mapping Six Sigma
- Flowchart and SIPOC
- Gage Repeatability and Reproducibility
- Statistical Diagram
- Lean Techniques for Optimisation Flow
- Failure Modes and Effects Analysis (FMEA)
- What is Process Audits?
- Six Sigma Implementation at Ford
- IBM Uses Six Sigma to Drive Behaviour Change
Research Methodology
Management
Operations Research
Operation Management
- What is Strategy?
- What is Operations Strategy?
- Operations Competitive Dimensions
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- What is Strategic Fit?
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- What is Production Process?
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- What is Process Improvement?
- Strategic Capacity Management
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- Taxonomy of Supply Chain Strategies
- Factors Considered in Supply Chain Planning
- Operational and Strategic Issues in Global Logistics
- Logistics Outsourcing Strategy
- What is Supply Chain Mapping?
- Supply Chain Process Restructuring
- Points of Differentiation
- Re-engineering Improvement in SCM
- What is Supply Chain Drivers?
- Supply Chain Operations Reference (SCOR) Model
- Customer Service and Cost Trade Off
- Internal and External Performance Measures
- Linking Supply Chain and Business Performance
- Netflix’s Niche Focused Strategy
- Disney and Pixar Merger
- Process Planning at Mcdonald’s
Service Operations Management
Procurement Management
- What is Procurement Management?
- Procurement Negotiation
- Types of Requisition
- RFX in Procurement
- What is Purchasing Cycle?
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- Spend Analysis in Procurement
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- E-marketplace and Online Catalogues
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Strategic Management
- What is Strategic Management?
- What is Value Chain Analysis?
- Mission Statement
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- What is SWOT Analysis?
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- What is Ansoff Matrix?
- Prahalad and Gary Hammel
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- What is Competitive Rivalry?
- Five Competitive Forces That Shape Strategy
- What is PESTLE Analysis?
- Fragmentation and Consolidation Of Industries
- What is Technology Life Cycle?
- What is Diversification Strategy?
- What is Corporate Restructuring Strategy?
- Resources and Capabilities of Organization
- Role of Leaders In Functional-Level Strategic Management
- Functional Structure In Functional Level Strategy Formulation
- Information And Control System
- What is Strategy Gap Analysis?
- Issues In Strategy Implementation
- Matrix Organizational Structure
- What is Strategic Management Process?
Supply Chain