Data Science works with some very different concepts from those we are used to dealing with in traditional data analysis. Here are some of them.
- Predictive analysis
Data scientists are adept at creating unique models for the needs of a business. They work by predicting the possibility of a particular event happening. This application is beneficial for companies in the financial sector, which must anticipate, among other things, the possibility of a customer failing to pay a portion.
For this, it is necessary to analyze the behavior of each individual and which indicators are valid when making this type of forecast. Data Science then uses Big Data to subterfuge decisions based on statistical models.
- Prescriptive analysis
Another essential concept in Data Science is prescriptive analysis or the creation of intelligent models for decision making. They use technologies like Machine Learning to learn from past results and find out what to do in the future.
These analyzes make machines understand different courses of action and what returns each offer. It is possible to automatically calculate which is best for each situation and make a more informed decision.
- Pattern recognition
Machine learning is also used to identify patterns. The data scientist determines parameters that influence each possibility within the business and finds patterns that can point to the success rate of each choice.
These are just some of the concepts that make Data Science very different from other data analysis disciplines. It can offer answers to more complex problems because, based on varied data, it can “predict the future.”
How Data Science Came About
Data Science was not precisely invented. It arose from the combination of many disciplines that previously reigned in isolation and is one of the newest professions to appear on the market.
The term itself was coined in 2001, but it was in 2010 that Data Science teams began to be formed in companies to analyze Big Data using cutting-edge resources, Machine Learning, and Artificial Intelligence.
That’s why, at most universities, we don’t see Data Science course fees in Bangalore. It is the professionals in Mathematics, Statistics, Computer Science, and Data Engineering who, most commonly, exercise the profession of the data scientist.
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