Data Analysis Essay

892 Words4 Pages

Data analysis is a process or a method of obtaining raw data and converting it into information that can be used for further analysis or can be used to make decisions. Data analysis has wide applications in almost every field. It is used to make complicated and uncertain decisions in several industries. Basically, data analysis is used to make some sense out of huge volumes of data (in lakhs or crores). Had data analysis not existed or not known to man, all the data available in any form would have to be considered useless

The process of data analysis is as follows:

• Raw data is collected: Data is collected from various sources depending upon the requirements set out and the necessary conditions or criteria.
• Processed: The …show more content…

These methods include correlation analysis, regression analysis or the data can be analysed using statistical software etc.
• Conclusion: The final conclusion or the result obtained after the analysis is conveyed or stated.

There are several barriers or challenges faced in effective data analysis. These are due to an individual’s (usually the data scientist or the data analyst) bias. Bias could be due to a person’s prior knowledge about the subject or prior information of the subject or it could even be due to already accepted …show more content…

It is exactly like regular insurance, except that it targets the low income group or the poor people in the society who haven’t had any prior access to the insurance schemes and products and the ones that have been ignored by the system. The institutions that implement micro insurance are called ‘Microinsurance schemes’. Microinsurance policies are low premium insurance policies. The word ‘micro’ refers to the small financial transaction that takes place between the policyholder and the insured. Microinsurance works same like insurance, by pooling funds and managing the risks. The main characteristics of microinsurance policies are: 1) they are low cost, 2) the policyholders are of low-income, 3) it enhances the risk management of all the members. Insurance has always just been a concept for the rich and elite. Be it in any nation world-wide. The ones who have already made so much for themselves continue looking for even more means to safeguard themselves and their properties. The poor or the low income people have never even been introduced to insurance. Increasing income and building assets is the only road out of poverty for the poor people. For a poor person, shocks, such as death of family members, loss, theft, illness, fire make the escape from poverty even harder. This makes them even more vulnerable. If the breadwinner of the family dies, there’s nothing really left as an option to the other members. In case of

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