Data Analysis framework — 1 : From data to decision making

In the era of big data, the ability to extract meaningful insights from huge amounts of data is important for informed decision-making. Data analysis unlocks the potential hidden in raw data, providing valuable insights for businesses, researchers, and decision-makers. In this article, we will discuss about the steps of data analysis with an example.

Frame the Problem:

The first step in any data analysis is to clearly define and understand the problem at hand. Whether you’re working on a business challenge or a scientific research question, a well-framed problem statement sets the foundation for the entire analysis. It’s essential to have a clear understanding of the goals and objectives to perform analysis.

Example: Identify key drivers impacting customer purchasing decisions to enhance overall sales performance.

Data Understanding:

Once the problem is framed, the next step is to gather and understand the data. This involves exploring the dataset, understanding its structure, and identifying any potential challenges or limitations. It’s crucial to assess the quality and completeness of the data, as well as to gain insights into the variables and their relationships. This step often involves descriptive statistics, summary metrics, and…