Data Science isn’t fundamentally a new field. We’ve long had statisticians, analysts and programmers. What’s new is the way it combines several different fields into one. These fields are mathematics primarily statistics and linear algebra, computing skills like programming and domain knowledge along with communication skills.
Data science is about predictions and associations but not causality.
- Examples of some data science projects
- Determining which customers are most likely to repay a loan
- Determining the optimal coupon amount and timing for an ecommerce store
- Assisting a manufacturing company to reduce unplanned downtime by predicting machine failure before they occur
- Recommending which models of cars a rental car company should purchase to optimize profits