I would like to know about analyzing logs feature and work flow of analyzing. The important thing is how does analyzing work?
this is an extremely broad question. what do you already know? what exactly do you mean by 'analyze'?
as a starting point, i recommend you download the trial version of the product (it's free) and walk through the tutorial--it includes a downloadable data set: http://docs.splunk.com/Documentation/Splunk/6.2.0/SearchTutorial/WelcometotheSearchTutorial
you may be able to ask more targeted questions at that point.