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Unit 1

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19 views23 pages

Unit 1

Uploaded by

msmakkar.chief19
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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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Course: Data Science

Course Code : ITAC008


Unit1:
Introducti
on 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 Strategy 11-12
5 Topic 4 Business Problems and Data Science 13-14
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
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.
How much data is produced every day
Source: IDC/Statista
Source: IDC/Statista
By 2025, 200+ zettabytes of data will be in cloud
storage around the globe.

Data •1 Zeta Bytes =1 Million GB


Consumption
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.
Use of Data
Science
• The uses of data
science is shown in
the following figure:
Components of Data
Science
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 largely eliminate human error 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.
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.
Steps of Effective
Data Driven
Decision Making

The following figure shows the


Steps of Effective Data Driven
Decision Making:
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.
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.
Data Analytics
Data Analytics is the systematic
process of examining data to
extract meaningful insights.
It involves a three-pronged
approach:
• Data Collection
• Data Analysis
• Communication
Key Types of Analytics

Descriptive Analytics
What has happened in the past?

Prescriptive Analytics Analyti Predictive Analytics


cs What will happen in the future?
Advise on possible outcome

3 2
Role of Each Type of Analytics

PRESENTATION TITLE 20XX 18


How
Analytics
Work?
Business Analytics
• Business Analytics (BA) is
the art and science of
extracting valuable insights
from data to improve
business decision-making.
• It's a multidimensional
discipline that combines
skills from statistics,
computer science, and
business knowledge.
How Analytics work in Business?

Define Predict
Explore the Analyze the
Business what’s likely
Data data
Need to happen

Find the
Make Update with
best
Decision the result
solution
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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