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IMTC634 - Data Science - Chapter 1

This document provides an introduction to data science. It defines data and data science, discussing how data science uses data interference, algorithms, and technology to solve complex problems. It explains how data-driven decision making uses analyzed data to select the most logical choices and eliminate human error. The document also outlines how data science relates to and supports business strategy, describing the categories of descriptive, predictive, and prescriptive analytics. Finally, it provides an overview of how data science can be used to clarify business problems, prepare and analyze data, develop models, and test solutions.

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51 views16 pages

IMTC634 - Data Science - Chapter 1

This document provides an introduction to data science. It defines data and data science, discussing how data science uses data interference, algorithms, and technology to solve complex problems. It explains how data-driven decision making uses analyzed data to select the most logical choices and eliminate human error. The document also outlines how data science relates to and supports business strategy, describing the categories of descriptive, predictive, and prescriptive analytics. Finally, it provides an overview of how data science can be used to clarify business problems, prepare and analyze data, develop models, and test solutions.

Uploaded by

shiva kulshrestha
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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Chapter 1: Introduction to

Data Science
Chapter Index
S.No. Reference No. Particulars Slide
From - To

1 Learning Objectives 3
2 Topic 1 What is Data? 4-7
3 Topic 2 Data-Driven Decision Making 8-10

4 Topic 3 Data Science and Business Strate 11-12


gy

5 Topic 4 Business Problems and Data Scie 13-14


nce Solutions

6 Let’s Sum Up 15
Learning Objectives

 € Describe data and data science


 € Discuss the components of data science
 € Explain data-driven decision making
 € Explain data science and business strategy
 € Describe data analytical thinking
 € Discuss business problems and data science solutions
1. What is Data?

 Data are raw facts and information that are generally gathered in a systematic
approach for some kind of analysis.

 Data can be in the form of characters, images, numbers, sounds, voice, etc..

 Regardless of its format, data will always be stored in the computer in the pattern
of just two numbers, i.e., 0s and 1s..

 The smallest unit of data is called a bit which represents a single value. Eight bits
of data is called a byte.

 Data is measured in bytes, kilobytes, megabytes, gigabytes, etc.


1. What is Data?

What is Data Science?

 Data science is a multidisciplinary field in which data interference, algorithms, and


innovative technologies are used to solve complex analytical problems.
 Data science is nothing but a way to use data in such a creative way that will
generate the most out of a business.
 Data science has been used in solving many complex problems. It also helps in data
analysis, data cleaning, data modeling and data prototyping.
 Data science is being used in many essential tasks such as Internet searching, digital
advertising, image recognition, speech recognition, gaming etc.
1. What is Data?

Use of Data Science


• The uses of data science is shown in the following figure:
1. What is Data?

Components of Data Science


There are three components of data science:
 Organizing data: Organizing data means to make a plan about how to structure
the data and store the data.
 €€Packaging data: For packaging data, it is important to create the prototype
of the data, apply the statistics and visualize data. After that, the data needs to be
combined together in a presentable format.
 €€Delivering data: Once the data is packaged, the next step is to deliver the

final output of the data to the concerned people.


2. Data-Driven Decision Making

Data-driven decision making

 Data-driven decision making, also called data-driven decision management or data-


directed decision making is the process of selecting the most logical choice from a
significant amount of verified and analyzed data.

 Data-driven decisions help in prior determination of different risks and


opportunities that leads to better productivity and profitability for an organization.
They also eliminate human error to a great extent and assist an organization in
implementing the best-fit solutions.

 It provides the legitimate evidences to the authorities and other stakeholders


associated with stability, flaws and limitations of an organization.
2. Data-Driven Decision Making

Advantages of Data-Driven Decision Making


Some other advantages of data-driven decision making are listed as follows:
 It identifies the risks that need to be eliminated or at least minimized at an early
stage.
 It helps in setting priority levels for strategic and operational processes.
 It assists in analyzing the existing and upcoming products and services in order to
fulfil the current business needs and meet the customer’s expectations.
 It helps in predicting the new technologies that needs to be added.
2. Data-Driven Decision Making

Steps of Effective Data Driven Decision Making


The following figure shows the Steps of Effective Data Driven Decision Making:
3. Data Science and Business Strategy

 Business strategies and data science are two different components. Data science
is related to organizing the huge Big Data with the company, whereas business
strategies determine how to use this data to improve the productivity rates.
Hence, organizations should not look for strategies to store Big Data, instead
they should look for a business strategy that efficiently uses this Big Data.

 Some primary measures that assist in determining effective business strategies


are to change the way the businesses operate. For instance, they can change their
business-related decisions and also hire a skilled data scientist that monitors the
organization's database to gain different insights.
3. Data Science and Business Strategy

Categories of data analytics


There are three categories of data analytics:
 Descriptive analytics: It is used to describe the past events. It consists of
collecting and then organizing the data. With the help of past events, it decides the
organization's performance.
 Predictive analytics: It makes use of the historical data models to predict the future
events the dependent element.
 Prescriptive analytics: It specifies the actions that need to be implemented. It
further includes two more components named design and optimization. Design
helps in answering the WHY questions associated with different products and
services. Optimization refers to the process of achieving the highest level of
profitability for a product or service.
4. Business Problems and Data Science Solutions

Business Problems and Data Science Solutions


The following figure shows the steps for resolving business problems using data
science:
4. Business Problems and Data Science Solutions

Business Problems and Data Science Solutions


 Step 1: Clarify Business Problems: The first step involves the identification of
actual business problems and clarification of the focus of the business.
 Step 2: Analytics Objectives: We need to follow advanced deep learning
technology rather than traditional one
 Step 3: Prepare Data: We need to use more resources to collect and analyze the
data
 Step 4: Develop a Model: We must use right algorithm for analyzing the data
 Step 5: Test the Performance: We must check business performance before
implementing the developed model
Let’s Sum Up

 Data are raw facts and information that are generally gathered in a systematic
approach for some kind of analysis.
 Data science is a multidisciplinary field in which data interference, algorithms, and
innovative technologies are used to solve complex analytical problems.
 Data science has been used in solving many complex problems. It also helps in
data analysis, data cleaning, data modeling and data prototyping.
 Descriptive analytics is used to describe the past events.
 Predictive analytics makes use of the historical data models to predict the future
events the dependent element.

 Prescriptive analytics specifies the actions that need to be implemented.


THANK YOU

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