What is the data life cycle and how does data stewardship fit in? This CPA Exam BAR lecture walks through the six stages of managing and preserving data — and the stewardship and RACI roles that keep it governed — built for accounting students and CPA, CMA, and EA candidates studying data governance and information systems.

Professor Farhat covers planning and design, building and acquiring, storing, using, sharing, and archiving or destroying data, tying each stage to accountability and privacy compliance.

Try it free at farhatlectures.com — interactive exercises, lectures, simulations, cases, multiple choice, and AI tools for CPA, CMA, EA and students.

Video Timeline & Key Concepts:
0:00 — Introduction: what the data life cycle is
2:02 — Plan and Design: objectives, data types, collection methods, and a management plan
4:10 — Build and Acquire: collecting, cleaning, formatting, and verifying data
5:44 — Store: secure storage, backups, and privacy compliance
7:13 — Use: analyzing data and interpreting insights for decisions
8:51 — Share: distributing results to stakeholders and archiving per policy
10:07 — Archive or Destroy: securely sanitizing data and documenting compliance

Frequently Asked Questions:

What is the data life cycle?

The data life cycle is the set of stages data moves through — planning, acquiring, storing, using, sharing, and archiving or destroying — to keep it functional, reliable, and compliant.

What is data stewardship?

Data stewardship is the responsibility for managing and safeguarding an organization's data throughout its life cycle, ensuring quality, security, and appropriate use.

What is the RACI model used for?

The RACI model clarifies who is Responsible, Accountable, Consulted, and Informed for data tasks, which helps assign clear ownership and accountability in data governance.

Why is data cleaning important in the data life cycle?

Cleaning removes errors and duplicates and verifies quality, so the data used for analysis is accurate and produces reliable insights.

What happens at the end of the data life cycle?

Data no longer needed is securely destroyed or sanitized in compliance with regulations, with documentation kept to demonstrate proper handling.

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