Data Life Cycle
1st phase : Plan
- what kind of data it needs
- how it will be managed throughout the cycle
- who will be responsible for it
- what the optimal outcomes may be
2nd phase : Capture
- data is collected from variety of different sources and brought into the organization
3rd phase : Manage
- how the data is cared and where it is stored
- keeping it secure and maintain its quality
4th phase : Analyze
- data is used to solve problems, support business goals, help make decisions
5th phase : Archive
- storing the data in a place where it's still available but may not be used again
6th phase : Destroy
- protecting private information
Financial Institutions
Harvard Business School
6 Phases of Data Analysis
1st phase : Ask
- defining the problems to solve
- making sure we fully understand the stakeholder expectations
2nd phase : Prepare
- collecting and store data for upcoming analysis process
- learning about different types of data and identifying the most valuable data
- making sure the data is objective and unbiased
3rd phase : Process
- finding and eliminating errors and inaccuracies including outliers
- cleaning data and transforming it into a more useful format
- combining data sets to make them more complete
4th phase : Analyze
- using tools to transform and organize the information to make predictions and draw conclusions
5th phase : Share
- interpreting and sharing the data to stakeholders
- visualizing the data
- Act :
Ask
- putting all the data together and execute the plan
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