In: Economics
Data analysis means a process which is used for analysing the information colleted from different resources.this term is used for inspecting and modeling data for getting useful information and taking conclusion on the basis of facts .when we conduct data analysis its very important to understand the level of measurement for a variable because if level of measurement is not correct then it can give biased conclusion which is again dangerous .hence if want to take an important decision then we must be aware about the variable .Variable must be rightly collected before taking any conclusion.biased information is dangerous for all the person who is receiving as well collecting this information conclusion.
Example -Taking as current example.
As we know whole world is suffering from Covid -19 hence if want to know about how much person is suffering from Covid-19 .Then we have to take detailed survey about person's health.we have to do different information like persons's age,his previous medical history,level of possibilty of suffering from this virus ,level of recovery rate etc.these are the some variable which can be used for mesaurement of different hotspot of this virus.
Instead using this variable if we take random variable of measurement then it can be harmful to whole world because we will get dangerous result by avoiding critical factors.