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Data collection or data gathering is the process of gathering and measuring information on targeted variables in an established system, which then enables one to answer relevant questions and evaluate outcomes. The data may also be collected from sensors in the environment, including traffic cameras, satellites, recording devices, etc.
Tukey defined data analysis in 1961 as: "Procedures for analyzing data, techniques for interpreting the results of such procedures, ways of planning the gathering of data to make its analysis easier, more precise or more accurate, and all the machinery and results of (mathematical) statistics which apply to analyzing data." [3]
Data analysis focuses on the process of examining past data through business understanding, data understanding, data preparation, modeling and evaluation, and deployment. [8] It is a subset of data analytics, which takes multiple data analysis processes to focus on why an event happened and what may happen in the future based on the previous data.
Data profiling is the process of examining the data available from an existing information source (e.g. a database or a file) and collecting statistics or informative summaries about that data. [1] The purpose of these statistics may be to: Find out whether existing data can be easily used for other purposes
Exploratory data analysis (EDA) is an approach to analyzing data sets to summarize their main characteristics, often with visual methods. ... (PDF) on 2017-10-18.
Multidimensional scaling (MDS) is a means of visualizing the level of similarity of individual cases of a data set. MDS is used to translate distances between each pair of objects in a set into a configuration of points mapped into an abstract Cartesian space.
The difficulty in ensuring data quality is integrating and reconciling data across different systems, and then deciding what subsets of data to make available. [ 3 ] Previously, analytics was considered a type of after-the-fact method of forecasting consumer behavior by examining the number of units sold in the last quarter or the last year.
Fundamental analysis, in accounting and finance, is the analysis of a business's financial statements (usually to analyze the business's assets, liabilities, and earnings); health; [1] competitors and markets.