Professional Documents
Culture Documents
Prepared By
Archana
• “Data is the new oil” is a common saying nowadays in the areas of
marketing, medical science, economics, finance, any research field,
and the IT industry.
• The significance of oil is derived from the fact that oil companies have
been ruling the globe for decades. Major global tension has its base in
the form of oil.
• Oil has limited availability, data is available in abundance, and oil
being a tangible product has an associated cost, data has no such
associated cost as it is a non-tangible product (Adesina, 2018).
• New Oil, i.e., Data is a collection of numbers, words, events, facts,
measurements, and observations. The data after processing gives us
information. The information leads to useful knowledge.
• A challenging task is to process these data into information and EDA
(Exploratory data analysis) is the solution to that challenge (Mukhiya
& Ahmed, 2020).
What is Exploratory Data Analysis (EDA) ?
• EDA is a phenomenon under data analysis used for gaining a better
understanding of data aspects like:
Main features of data variables and relationships that hold between them.
Identifying which variables are important for our problem