What are Data Analysis Methods and How Can I Learn Them?

We are right in the middle of the information age where data is no longer scarce but rather overwhelming. The global data supply is understandably at an all-time high and rising. Data volumes are projected to reach 40ZB by 2020, which is 5.25GB per person particularly in the emerging economies.

However, according to a study by Digital Universe, (as reported by the Guardian) just 0.5% of this data is used for analysis. As it stands, there is an explosive demand for data specialists who can help corporates and institutions make sense of this growing volume of data.

Data science and data analysis positions are often the most challenging for a company to fill. Let us explore how you can get into this exciting field with so many amazing prospects.

First of All, What is Data Analysis?

In summary, data analysis involves going through massive volumes of unstructured information and deriving useful insights from it. These insights are used for decision making in corporations and institutions. On the same, it is important to note that data analysis is not the same as data science.

Even though they are related and in the most part deal with the same things, data science is slightly more advanced. All the same, data analysis remains one of the most potent opportunities looking into the future.

Why is Data Analysis Important in the Modern World?

It all stems from the fact that data is all around us. Everything that we do, be it receiving or sending a message, visiting a website or making a transaction, results in new data. This data, in today’s world, is a commodity with incalculable value for both business corporations and public institutions.

Data analysis has changed the world in more ways that we can really exhaust in one article. Be it in a business or public institutions, the analysis of data, external or internal to the organization has led to improved efficiency or service delivery. Through key performance indicators and indexes, organizations can know what’s working and what’s not thereby reducing wastage of time and resource. Here is a summary of the key benefits of data analysis.

• Improving efficiency
• Better market understanding
• More effective planning and strategy
• Cost reduction
• Faster and better decision making
• Improved industry knowledge
• Better change management
• Data Analysis Methods

With access to big volumes of data, how do organizations make sense of it all? Here are some few data analysis methods.

Mean

Commonly referred to as the average, the arithmetic mean is the sum of all items on a list divided by the number of items on the list. This is useful in providing a quick snapshot of data and determining the general trend of a data set.

Standard Deviation

Often signified with the Greek letter sigma, the standard deviation is the measure of a spread of data around the mean. This is important in determining the dispersion of data points in a data portfolio.

Regression

Regression models the relationships between variables and informs whether those relationships are weak or strong.

Hypothesis testing

This starts with a certain premise, hypothesis testing then assesses whether it is true given your population or data set. This is commonly applied in everything from science and research to economics and business.

Why should you earn a bachelor’s degree in Data Analysis?

The methods above are only the basic techniques of data analysis, which hold true across all fields. By studying data analysis, you could immerse yourself to not only learn these and other methods, but also improve your problem-solving skills, creativity and specialized tech skills. These tech skills build onto one another and are highly valuable in the workplace. Today’s organizations are constantly bombarded with data and the trend it bound to increase.

Are you ready to get started today?

Are you interested in the impact and science of data analytics? If you want to earn a Bachelor of Science in Computer and Information Science Degree with a Major in Software Development - Data Analytics Track, ECPI University offers this degree at an accelerated pace. For more information, connect with a knowledgeable admissions advisor today.

It could be the Best Decision You Ever Make!

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