Define the term 'data analysis' in business research.

Data analysis in business research refers to the process of inspecting and interpreting collected data to derive meaningful conclusions. This involves several steps, including organizing, examining, and summarizing the data to identify patterns, trends, or insights that can inform business decisions. It is essential for making sense of data, which, in its raw form, may not provide clear insights or actionable information.

When conducting data analysis, researchers use various techniques to interpret the data effectively, such as statistical analysis, data visualization, and qualitative analysis methods. The goal is to convert the collected data into understandable and relevant insights that support informed decision-making and strategic planning.

While the other choices relate to aspects of data handling or the overall research process, they do not capture the full scope of what data analysis entails as comprehensively as the chosen answer. The initial stage of data collection is a prerequisite for analysis but does not define the analysis itself. Transforming raw data into information is part of the broader analysis process but lacks the emphasis on interpretation and conclusions that the correct choice highlights. Finally, the method of comparing data sets can be a part of data analysis but does not encompass the entire process, which includes inspection and interpretation as well. Thus, focusing on the comprehensive process of inspecting and interpreting data leads