Data Analysis Process

B.

Data validation ensures that extracted data are ready for analysis.

One objective is to perform data quality tests to ensure data are valid complete and free of errors.

This may also involve making data from different sources suitable for comparative analysis.

Incorrect Answers: A: Analysis of data involves simple set of steps or complex combination of commands and other functionality.

Data analysis is designed in such a way to achieve the stated objectives from the project plan.

Although this may be applicable to any monitoring activity, it would be beneficial to consider transferability and scalability.

This may include robust documentation, use of software development standards and naming conventions.

C: Data gathering is the process of collecting data on risk to be monitored, prepare a detailed plan and define the project's scope.

In the case of a monitoring project, this step should involve process owners, data owners, system custodians and other process stakeholders.

D: In the data access process, management identifies which data are available and how they can be acquired in a format that can be used for analysis.

There are two options for data extraction: -> Extracting data directly from the source systems after system owner approval -> Receiving data extracts from the system custodian (IT) after system owner approval.

The process that ensures that extracted data are ready for analysis is data validation.

Data validation is the process of checking and verifying that the extracted data is accurate, complete, and consistent. This process is essential to ensure that the data being used for analysis is reliable and can be used to make informed business decisions.

Data analysis is the process of examining, cleaning, transforming, and modeling data to discover useful information and insights. While data analysis is an important step in the process of preparing data for analysis, it is not the same as data validation.

Data gathering is the process of collecting data from various sources, such as databases, spreadsheets, or surveys. This step comes before data validation and is essential to ensure that there is enough data to analyze.

Data access refers to the process of accessing and retrieving data from various sources. While data access is important, it is not directly related to the process of preparing data for analysis.

In summary, data validation is the process that ensures that extracted data is accurate, complete, and consistent and is essential to prepare data for analysis.