How to Data Interpretation Well?
Data interpretation is an essential part of daily life for all of us and more so for Decision makers and managers.
Every day we receive lots of data-visual, audio, textual and, numeric. We derive information and insights from this data by interpreting it as per our thinking and belief patterns. We interpret data when we read poll results for political parties, we interpret when we compare and buy any product and we interpret when we check traffic conditions to decide which route to take to office.
In businesses also, being able to conduct accurate and meaningful data interpretation is one of the most invaluable skill that often separates high growth success stories from failures.
In today’s world of big data with high volume of different types of data being received by business organization, the need for staff skilled and experienced in Data Interpretation and analysis is growing at an alarming rate.
What is Data Interpretation?
Interpretation of data is a process of inspecting, cleaning, transforming, and modeling data with the goal of discovering useful information, suggesting conclusions, and supporting decision making.
The most important role of data interpretation is for making inferences and predicting future business needs or trends. How accurate these predictions are is based on how well the data was interpreted and inferred for future predictions.
Of course how the data has been gathered is also of equal importance, however even if the data collection process is sound, data can be misinterpreted.
Data are often interpreted and reported with hidden agenda, and the results can therefore be misleading or incomplete. For example, an advertiser or a media channel may try to get viewers’ attention by presenting the data in a skewed or selective manner by only highlighting what they want viewers to remember.
How the data is analyzed and interpreted depends on several factors like the purpose of assessment, how the data was collected, its volume, and scope as well as any constraints faced while collecting it.