The term ‘data’ is actually a basic term for data that can be grouped in terms of its characteristics and format. The first basic feature that is associated with the term data is the word ‘collection’. This means that the collection of information can be done in terms of a set of features, and the description that is given to this set of features is called as data collection. A large set of data can be collected by collecting a wide variety of numbers, which means that the data is categorized as a statistical summary. The results of this statistical analysis can be used for analysis and further to make decisions about the collection of information.
The second basic feature is the word ‘processing’. Processing means that data is categorized as having a particular use. Statistical data and financial data are both categorized into one of these two categories. These categories can be used for any kind of process. For example, financial data can be used to determine the market value of assets, while financial data can also be used for forecasting purposes. Big data processing is yet another term for the same process.
The third basic feature is the word ‘analysis’. Analysis can be seen as the process of collecting data and later using it for analytical purposes. This process can involve complex problems, which mean that the data can be analyzed using sophisticated mathematical equations. As a result, the analysis results can be converted into reports or other forms of information. Statistics can also be seen as an implementation of the mathematical formulae that are used in analyzing the data.