The specific method of analysis is unique to each data source, but one tip that is applicable to most traces and log files is to start by identifying the point in the data where the problem occurs. After you identify that point, you can work backward in time through the data to unravel the root cause of the problem.
If you are investigating a problem for which you have comparative data for a working and non-working environment, start by comparing the operating system and product configuration details for each environment.