The Six Stages Of The Data Life Cycle

The data life cycle provides a generic or common framework for how data is managed.

1. Plan

Decide what kind of data is needed, how it will be managed, and who will be responsible for it.

2. Capture

Collect or bring in data from a variety of different sources.

3. Manage

Care for and maintain the data. This includes determining how and where it is stored and the tools used to do so.

4. Analyse

Use the data solve problems, make decisions, and support business goals. 

5. Archive

Keep relevant data stored for long-term and future reference.

6. Destroy

Remove data from storage and delete any shared copies of the data. 

Now we will look at the 7 stages of the data life cycle of Financial Institutions:

1. Capture
2. Qualify
3. Transform
4. Utilise
5. Report
6. Archive
7. Purge

Now we will take a look at the data life cycle of Harvard Business School(HBS):

1. Generation
2. Collection
3. Processing
4. Storage
5. Management
6. Analysis
7. Visualisation
8. Interpretation