Data Science:

The Field of bring out insights from data using scientific techniques is called Data Science.

Spectrum of Business Analytics (Value Add to Organization wrt complexity)

MIS – Detective Analysis – Dashboarding – Predictive Modeling – Big Data

Forecasting: is a process of predicting or estimating the future based on the past and present data.

Eg: How many passengers can we expect in a given flight?

Eg: How many Customer calls can we expect in next hour?

Predictive Modeling: used to prediction more granular like “Who are the customers likely to buy the product in next month? & then act accordingly

Machine Learning: is a method of teaching machines to learn things and improve predictions/behavior based on data on their own.

Eg: Amazon/Netflix Recommendation Systems, Algorithm to power google search

Application of Data Science:

• Social Media:

• Recommendation Engine
• Ad placement
• Sentiment Analytics

Banking

• Credit Scoring
• Fraud Detection
• Price Optimization
• Anti-money laundering

e-Commerce

• Discount Price Optimization
• Cross-sell and Up-Sell
• Business Forecasting

Search Engine

• Search Algorithm
• Fraud Detection
• Ad Placement
• Personalized Search Results

Application of Data Science in Various Domains: