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The Importance of a Data Analysis Plan

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Can you tell me why is a data analysis plan important for good business research? What are descriptions of some of a plan's major components and what data analysis tools can be included.

Also, what is the purpose of using descriptive statistics? What are some of the elements? How do they differ from inferential statistics?

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Business Management

Can you tell me why a data analysis plan is important for good business research?

A data analysis plan is important for good business research because in most cases, data analysis and interpretation can easily become costliest and most time consuming aspect of the intended evaluation. During an inquiry into business operations and procedures, data collection often results in an enormous assortment of numerical rankings, recordings, logs, responses, and suggestions for change. A data analysis plan assists during this process by linking the evaluations, objectives or questions to be answered, with the data collected, and spells out the best methodology to be used in order to conduct an analysis once the data becomes available. In order to be most effective, a data analysis plan should be written early, as the data collection instruments are being created. If the analysis plan is written too late, or by chance not in place, key questions or critical information may be easily be overlooked, rendering the entire analysis process ineffective, and in extreme cases - useless. Used correctly, a data analysis plan can help an analyst to determine if an item is capable of being measured, if the data collection instruments will yield data that can be used to answer necessary questions, and if the planned analysis will use collected data to yield accurate and conclusive results.

What are descriptions of some of a plan's major components and what data analysis tools can be included.
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Thanks!!!

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