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Basic Data Science

data science unit 1 notes

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55 views2 pages

Basic Data Science

data science unit 1 notes

Uploaded by

nitdrjothilakshmi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Data Science Introduction

Data Science is a combination of multiple disciplines that uses statistics, data analysis, and
machine learning to analyze data and to extract knowledge and insights from it.
What is Data Science?
Data Science is about data gathering, analysis and decision-making.
Data Science is about finding patterns in data, through analysis, and make future predictions.
By using Data Science, companies are able to make:
 Better decisions (should we choose A or B)
 Predictive analysis (what will happen next?)
 Pattern discoveries (find pattern, or maybe hidden information in th
Where is Data Science Needed?
Data Science is used in many industries in the world today, e.g. banking, consultancy, healthcare,
and manufacturing.
Examples of where Data Science is needed:
How Does a Data Scientist Work?
A Data Scientist requires expertise in several backgrounds:
 Machine Learning
 Statistics
 Programming (Python or R)
 Mathematics
 Databases
BENEFITS OF DATA SCIENCE
 The organizational importance of Data Science is continuously increasing. According to one
study, the global Data Science market is expected to grow to $115 billion by 2023. Some of the
many Data Science benefits include the following:
 In the healthcare industry, physicians use Data Science to analyze data from wearable trackers to
ensure their patients’ well-being and make vital decisions. Data Science also enables hospital
managers to reduce waiting time and enhance care.
 Retailers use Data Science to enhance customer experience and retention.
 Data Science is widely used in the banking and finance sectors for fraud detection and
personalized financial advice.
 Transportation providers use Data Science to enhance the transportation journeys of their
customers. For instance, Transport for London maps customer journeys offering personalized
transportation details, and manages unexpected circumstances using statistical data.
 Construction companies use Data Science for better decision making by tracking activities,
including average time for completing tasks, materials-based expenses, and more.
 Data Science enables trapping and analyzing massive data from manufacturing processes, which
has gone untapped so far.
 With Data Science, one can analyze massive graphical data, temporal data, and geospatial data to
draw insights. It also helps in seismic interpretation and reservoir characterization.
 Data Science facilitates firms to leverage social media content to obtain real-time media content
usage patterns. This enables the firms to create target audience-specific content, measure content
performance, and recommend on-demand content.
 Data Science helps study utility consumption in the energy and utility domain. This study allows
for better control of utility use and enhanced consumer feedback.
 Data Science applications in the public service field include health-related research, financial
market analysis, fraud detection, energy exploration, environmental protection

Advantages and Disadvantages of Data Science


Below are the advantages and disadvantages mentioned:

Advantages:
 It helps us to get insights from historical data with its powerful tools.

 It helps to optimize the business, hire the right persons and generate more revenue,

as using data science helps you make better future decisions for the business.

 Companies can develop and market their products better as they can better select

their target customers.

 Introduction to Data Science also helps consumers search for better goods,

especially in e-commerce sites based on the data-driven recommendation system.

Disadvantages:
 The disadvantages are generally when data science is used for customer profiling

and infringement of customer privacy.

 Their information, such as transactions, purchases, and subscriptions, is visible to

their parent companies.

 The information obtained using data science can be used against a certain group,

individual, country, or community.

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