Stages of data analysis

Question 1

Define ‘identify the need’

Answer 1

• Problems or issues that are processed where you highlight a fault in information data, business or organisation profile.
• Process = creating a question to answer and solve the problem, followed by objectives that you need to meet in order benefit the firm.

Question 2

Define ‘ define scope’

Answer 2

• This stage is about deciding the depth of detail required.
• Time you have & budget you have be aware
• You must decide WHAT to measure & HOW to measure it, and COLLECT the content.

Question 3

Define ‘identify potential sources’

Answer 3

• This stage is were you eliminate and select sources which are useful & will contribute to your purpose. - Convenient to use int & ext sources. i,e sales figures, customer survey answers.

Question 4

Define ‘sources & select information’

Answer 4

• This stage you must carefully search and collect your data, to ensure that it can be put the use for your purpose.
• It must be: accurate, reliable, valid, up to date, relevant, trustworthy, and sourced so you can go back.

Question 5

Define ‘select the most appropriate tool’

EXAMPLES

Answer 5

• This stage consists of deciding what and how you are going to present the key information you have gathered.
• You must select the best format, so managers can identify what the info shows quickly and clearly.
• Charts, graphs, regression, trend analysis, tables etc.

Question 6

Define ‘process & analyse data’

Answer 6

• This stage is about filtering and refining the data you have collected, to get a result of information you really need for your purpose.
• At this point you will know whether you have enough information, or need to return to the researching & collecting stage.

Question 7

Define ‘record & store information’

Answer 7

• This stage is where you gather all the sources of you information, organised it and chose a safe way to store it along with a label.
• Analyse, interpret, and cross check them with your purpose/question. If it answers your Qs then your process was successful, if not more research needed.

Question 8

Define ‘share results’

Answer 8

• The final stage is about forming a report about each stage, highlighting key and relevant points. Then senD to the people in charge E.G: stakeholder, so they are aware about the investigation.