Data science has revolutionized the world. We all are aware that there is something in data science that sets it apart and make being a data scientist one of the best jobs of the twenty first century.
Importance of Data Science
Data science can be used by companies to manage and extract various data from large pools of information. This can help companies produce better products and services for their customers by consistently analyzing their feedbacks and reviews. This helps various engineering and business firms to improve themselves and make various business decisions.
Also, did you know that data science can help you predict what the next scene of a movie or a drama will be, or how people from different cultures and economic backgrounds will respond to different things, or even the future? Is it not surprising enough? Yes, it is indeed!
Predictive Casual Analytics
Now, this is the most important kind of analysis in data science. Suppose you want to predict an outcome in the future. For example, if you are lending someone money, and you want to know if they will pay back your money on time or not just to be sure, you can devise a model based on predictive casual analysis by which you can check their previous money repayment records to know if they have a history of delaying the repayment of any loan. Hence, you can know whether to lend them your valuable money or not.
Prescriptive Analytics
This model can be used to make something which can intelligently take decisions on its own. For example, there are certain cases where you want to know whether or not to do something. During such cases, you can take help from such a model. Obviously, a computer cannot think on its own. Therefore, some data is to be fed to the machine beforehand in order to make it think in a similar way and take appropriate decision. The best example of such a model is Google Self Driving Car. As the name itself implies, such a car can take decisions on its own as to when to turn and when to not, and whether to turn left or right just by knowing the location of the place via GPS where the passenger wants to go.
Machine Learning for Making Predictions
Suppose you want to predict future trends of something, then this model can come in handy. This model is extensively used by various companies across the world to study past trends and then predict future accordingly.
Machine Learning for Predicting Patterns
Suppose that there is no particular parameter on which you have to extract out the data. Then, using this model, you can train a computer to look for various repetitive patterns in data and extract out something meaningful from it. This is also an extensively used model.
Hence, the scope of data science is very vast and one can do a lot of research if one is really interested in it. It is up to the data scientist as to which discipline in the field of data science he wants to specialize in.