What Are The Importance Of Data Analysis

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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. Data analysis is performed through a series of important steps. Firstly, raw data is collected. Data is collected from various sources depending upon the requirements set out and the necessary conditions…show more content…
I am trying to conclude that data analysis plays a huge role and can be widely and greatly used in the financial, economic and social development of a nation. Child labour is a huge obstacle that almost every nation in the process of development is facing today. Now, the question is, can microinsurance be implemented in such a manner as to actually reduce the cases of child labour in any nation? It is not possible to perform the analysis in every nation. Hence, researchers have concentrated on Bangladesh. In my paper, I will tell you how data analysis has been used in the surveys conducted to evaluate whether microinsurance can lead to reduced child labour cases in Bangladesh. Bangladesh has been chosen because it is a nation very much prone to cyclones and flood due to its geographical location and low land elevation low income people face. The people that are usually most affected by these disasters are the low income people who have no means to provide shelter for themselves and their families and have no measures to protect the very few assets that they possess. The insurance sector in Bangladesh is not well developed as compared to the neighbouring countries. The Grameen Kalyan, a part of the Grameen Bank conducted studies and surveys over many years and concluded that the main obstacle that the low income people face is ill health, the cost of ill health and the problems that follow. Child labour is very much prevalent in Bangladesh. 4.7 million children or 12.6% of the entire population below the age of 14 are involved in child labour in Bangladesh. Poverty is considered to be the primary reason for child labour. Children are forced to work in all kinds of conditions because their families cannot afford to take care of

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