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Data reconciliation is a technique that targets at correcting measurement errors that are due to measurement noise, i.e. random errors.From a statistical point of view the main assumption is that no systematic errors exist in the set of measurements, since they may bias the reconciliation results and reduce the robustness of the reconciliation.
Advisory actions typically allow data to be entered unchanged but sends a message to the source actor indicating those validation issues that were encountered. This is most suitable for non-interactive system, for systems where the change is not business critical, for cleansing steps of existing data and for verification steps of an entry process.
Extract, transform, load (ETL) is a three-phase computing process where data is extracted from an input source, transformed (including cleaning), and loaded into an output data container. The data can be collected from one or more sources and it can also be output to one or more destinations.
Verification is intended to check that a product, service, or system meets a set of design specifications. [6] [7] In the development phase, verification procedures involve performing special tests to model or simulate a portion, or the entirety, of a product, service, or system, then performing a review or analysis of the modeling results.
Data cleansing or data cleaning is the process of identifying and correcting (or removing) corrupt, inaccurate, or irrelevant records from a dataset, table, or database. It involves detecting incomplete, incorrect, or inaccurate parts of the data and then replacing, modifying, or deleting the affected data. [ 1 ]
It also covers the steps involved in preparing and reporting the overall accounts which are typically stored in a general or nominal ledger and managed by a controller. The detailed steps involved are: [2] data extraction; data collection; data validation; data transformation (generation of voucher) voucher posting (to general ledger)
Data processing may involve various processes, including: Validation – Ensuring that supplied data is correct and relevant. Sorting – "arranging items in some sequence and/or in different sets." Summarization (statistical) or – reducing detailed data to its main points. Aggregation – combining multiple pieces of data.
Data profiling is the process of examining the data available from an existing information source (e.g. a database or a file) and collecting statistics or informative summaries about that data. [1] The purpose of these statistics may be to: Find out whether existing data can be easily used for other purposes