Which process involves studying and summarizing data to extract useful information?

The process of studying and summarizing data to extract useful information is best represented by data analysis. This function encompasses a variety of techniques used for inspecting, cleaning, and modeling data with the goal of discovering useful information, informing conclusions, and supporting decision-making processes. Data analysis often involves statistical methods and can include tasks such as generating descriptive statistics, identifying trends, and making forecasts based on the data.

Data analysis is fundamental in ensuring that the data collected is interpreted in a meaningful way, allowing organizations to leverage insights that drive strategic actions and policies. It serves as a critical foundation for effective financial management, enabling professionals to understand and utilize data comprehensively.

The other options address different aspects related to handling data but do not specifically focus on the extraction of useful information. Data governance pertains to the overall management of data availability, usability, integrity, and security, whereas data mining refers to the process of discovering patterns and knowledge from large amounts of data through methods at the intersection of machine learning, statistics, and database systems. Data transformation deals with the conversion of data from one format or structure into another, ensuring that it is suitable for analysis or processing, but does not itself involve the summarization and interpretation of data.