To make us more understand about something, especially those things that are most complex and difficult, we usually tend to break it down or separate and divide the pieces of information. That is actually the smart thing to do in that situation. Data analyst and researchers called that as an analysis.
Analysis, as defined by data analyst and researcher, is a process of breaking down a subject to make it easy to understand. Analysis has been helping prominent people to organise their findings and to create an effective result. An need analysis helps those people to stay focused and concentrate more on the data.
Financial Analysis
Financial Statement
Impact Analysis
Activity Impact
Payroll Analysis
Payroll Needs
What Is an Analysis?
An Free analysis is a precise examination and evaluation of complex topic or data by breaking it into smaller substance or components part in order to gain a better understanding of it and uncover their interrelationships. An analysis is commonly applicable to Mathematics, Science, and Logic.
When applied to a composition or literary work (such as a poem, short story, or essay writing), an analysis is used as an expository form of writing where the writer divides a subject into its elements or part. This technique also involves careful examination and evaluation of details in the composition.
The Importance of Analysis
An analysis is important for both data gathering and composition writing.
When an analysis is used in composition writing, it means that critical thinking and process analysis is used to express a strong feeling to communicate a strong message. However, in data gathering, analysis is very crucial. The importance of analysis in data gathering are as follows:
- Structuring the findings from data gathering and survey research.
- Breaking a complex data into smaller elements to understand it clearly.
- Obtaining important insights from the data gathering.
- Creating significant decisions from the results
- Preventing and avoiding human error through a proper analytical procedure.
Investment Analysis
Real Estate Analysis
Profitability Analysis
Customer Profitability
Stock Analysis
Stock Technical Analysis
Process Analysis
Process Capability
Cost Analysis
Cost Benefit
Insurance Analysis
Insurance Needs
Applicant Analysis
Applicant Flow
Different Types of Analysis
There are six different analysis used by every scientist and researcher when researching and doing a data analysis. This different analysis is ranked from least to the most complex, in terms of knowledge, cost, time, and in performing a summary.
- Descriptive Analysis – Is a quantitative analysis describing the main features a data collected and is commonly applied to a large volume of data such as census data. There are two types of statistical descriptive analysis — univariate and bivariate. The univariate analysis only involves one variable and it doesn’t deal with cause or relationships, while a bivariate analysis involves two different variables whose values can change.
- Exploratory Analysis – Is an approach to analyzing data sets to find and summarize their previously unknown characteristics. This analysis is good for finding new connections and defining future investigations and questions but not a final answer to a current question.
- Inferential Analysis – The goal of this analysis is to examine theories about the nature of data based on a subject taken from a data. This used to analyze an important data coming from a small sample of data. The inferential analysis involves estimating quantity.
- Predictive Analysis – This analysis is a method that analyzes current and historical facts to make predictions about future events. This analysis predicts but it does not mean that it is accurate. Accurate predictions may happen if and only if it has measured the right variables.
- Causal Analysis – This analysis is used to find out what will happen to one variable when you change the other. The implementation of this requires randomised studies.
- Mechanistic Analysis – This analysis requires the most amount of effort. Mechanistic analysis understands the definite change in variables that lead to change the other variable for individual data.
To know more about the different types of analysis, you check out our analysis examples in Word and our analysis in PDF.
Gap Analysis
Position Gap
Competitive Analysis
Test Item in XLS
Ratio Analysis
Component Example
Business Analysis
Replacement Analysis
Other Types of Analysis
- Impact Analysis – An impact analysis is a well-organized process to assess and evaluate the potential effects and results of a disaster, accident or emergency that may influence a project
- SWOT Analysis – This analysis is used to identify the organization’s strengths, weaknesses, opportunities, and threats.
- Critical Analysis – This analysis is commonly used in literary writing to it break down into elements for a better understanding.
- Cost Benefit Analysis – A systematic approach to estimating the strengths and weaknesses of project investments or business analysis requirements.
- Risk analysis – Risk analysis is used to determine and define the risk caused by a natural and/or human error to individuals and businesses.
- Business Analysis – A process of identifying business needs and managing solutions to business problems.
The Purpose of Analysis
Conducting an analysis to a bigger problem (even on small ones) are proven to create effective and easily understandable results. That is why an analysis is widely used method and technique for finding and extracting crucial information from a data gathered. The analysis never fails to serve its purpose.
- Provides the best knowledge and performance.
- Determines what should be the next thing to do.
- The person conducting an analysis can also express or state his/her opinion about the problem or task
- Identifies why things happen and why they don’t.
- Provides an accurate and effective solution to a problem or task.
Variance Analysis
Conjoint Analysis in Excel
Sensitivity Analysis
Inventory Sample
Data Analysis
Cash Flow in XLS
State Point Analysis
SWOT Analysis In XLS
Expense Analysis
Root Cause Example
Tips for Doing an Analysis
It is important to conduct an effective analysis to make the result clear and understandable. That is why we provide essential tips for you in conducting an analysis.
- Before you make an analysis, you must create a clear, concise, and specific hypothesis first. The purpose of this is for you test the theory easier and to create a simple analysis.
- Use technology or syntax to review your analysis repetitively. This will decrease the chance of analysis error and save you time from running analysis over-and-over manually.
- A little progress is still a progress. No matter how big or small the result is, it is still a result. You don’t have to force your analysis to come up with an impressive result, just let your analysis do its job.
- Plan your analysis. Identify and determine what type of analysis should be suited for your project.
- Create a hypothesis. But never base it on your thought, expectation or idea, base it on the theory you created.
- Trim your data short prior to analysis. This is for you to focus more on the formal analysis itself rather than with some irrelevant and necessary data.
- Be sure to check first the descriptive analysis. This is to examine the complex analysis on basic perspective.
