Fabrikam, Inc.

DATA SCIENCE
AND ITS
APPLICATIONS
Transforming numbers
into narratives
Types of Data Science

Data science encompasses a variety of

fields and techniques, each focusing on
different aspects of data analysis and
interpretation. Here are some key types
of data science:
1. Descriptive Analytics: This type
focuses on summarizing historical data
to understand what has happened in
the past. Techniques include data
visualization, reporting, and basic
statistical analysis.

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 Diagnostic Analytics
This involves examining data to
understand why something happened. It
often uses techniques like data mining
and correlation analysis to identify
relationships and patterns. It is a type of
data analysis that focuses on
understanding why certain events or
outcomes occurred in the past by
examining data to identify root causes
and contributing factors. It goes beyond
simply describing what happened
descriptive analytics to explain why it
happened.

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 Predictive Analytics
This type uses statistical models and
machine learning techniques to predict
future outcomes based on historical
data. Common methods include
regression analysis, time series analysis,
and classification algorithms. It is a field
that uses data analysis techniques,
including statistical modeling, machine
learning, and data mining, to forecast
future outcomes based on historical
data. It essentially analyzes current and
past trends to predict what might
happen next, helping organizations make
more informed decisions and mitigate
risks.
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Prescriptive
Analytics
This goes a step further by
recommending actions based on
predictive analytics. It often
involves optimization techniques
and simulation to suggest the best
course of action. It is a type of
advanced data analysis that
focuses on providing
recommendations for optimal
courses of action to achieve
desired outcomes. It builds upon
descriptive and predictive analytics
by suggesting specific steps to take
based on data insights.
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Exploratory Data
Analysis
EDA is an approach to
analyzing data sets to
summarize their main
characteristics, often using
visual methods. It helps in
understanding the data and
forming hypotheses. It is a
data analysis approach
focused on investigating and
summarizing the main
characteristics of a dataset,
often through visual methods
like plots and graphs.

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Machine Learning
A subset of data science that
focuses on building algorithms
that can learn from and make
predictions based on data. It
includes supervised,
unsupervised, and
reinforcement learning. It is a
branch of artificial intelligence
(AI) focused on enabling
computers to learn from data
and improve their
performance on specific tasks
without explicit programming.

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Deep Learning
A specialized area of machine
learning that uses neural
networks with many layers
(deep networks) to analyze
various types of data,
particularly unstructured data
like images and text. It is a
specialized subset of machine
learning that utilizes artificial
neural networks with multiple
layers (deep neural networks)
to analyze data and learn
complex patterns.

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Natural Language
Processing
This field focuses on the
interaction between
computers and human
language, enabling machines
to understand, interpret, and
respond to text or voice data.
It is a field of artificial
intelligence that focuses on
enabling computers to
understand, interpret, and
generate human language,
both written and spoken.

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Big Data Analytics
This involves analyzing large
and complex data sets that
traditional data processing
software cannot handle. It
often utilizes distributed
computing frameworks like
Hadoop and Spark. It refers to
the methods, tools, and
processes used to examine
large and complex data sets
(big data) to uncover hidden
patterns, correlations, market
trends, and customer
preferences, ultimately
enabling organizations to
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Data Engineering
This focuses on the
architecture and infrastructure
needed to collect, store, and
process data. Data engineers
build and maintain the
systems that allow data
scientists to analyze data
effectively. It is the practice of
designing and building
systems to collect, store, and
analyze large volumes of
data.

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Business Intelligence
BI involves using data analysis
tools and techniques to support
business decision-making. It often
includes dashboards, reporting
tools, and data visualization. It is a
technology-driven process that
involves collecting, analyzing, and
presenting business data to help
organizations make better, more
informed decisions, identify trends,
resolve problems, and improve
efficiency. It transforms raw data
into actionable insights through
strategies, methodologies, and
tools. NAME OR LOGO 12
Applications of Data
Science
Data science finds widespread
application across numerous
industries by leveraging statistical
analysis, machine learning, and
domain expertise to extract insights
and drive informed decision-
making. Key areas include healthcare
for disease prediction and
personalized treatments, finance for
market trend analysis and risk
evaluation, and e-commerce for
understanding customer behavior
and optimizing supply chains

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Advantages of Data Science
Data science offers numerous advantages across
various domains and industries. Here are some key
benefits:

1) Informed Decision-Making: Data science enables

organizations to make data-driven decisions by
analyzing trends, patterns, and insights derived
from data. This leads to more accurate and effective
strategies. 2) Predictive Analytics: By utilizing
historical data, data science can forecast future
trends and behaviors. This helps businesses
anticipate customer needs, optimize operations, and
mitigate risks. 3) Enhanced Customer Experience:
Data science allows companies to analyze customer
behavior and preferences, enabling personalized
marketing strategies and improved customer
service. 4) Operational Efficiency: Data science can
identify inefficiencies in processes and operations,
leading to cost savings and improved productivity.
Organizations can streamline workflows and allocate
resources more effectively. 5) Competitive
Advantage: Companies that leverage data science
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can gain insights that their competitors may
Disadvantages of
Data Science
While data science offers numerous advantages, it
also comes with several disadvantages and
challenges. Here are some key drawbacks:

Data Privacy Concerns: The collection and

analysis of large amounts of personal data can
lead to privacy issues. Organizations must
navigate regulations like GDPR and ensure they
handle data ethically.

Data Quality Issues: The effectiveness of data

science relies heavily on the quality of the data.
Inaccurate, incomplete, or biased data can lead to
misleading insights and poor decision-making.

Complexity of Implementation: Implementing

data science solutions can be complex and require
significant resources, including skilled personnel,
technology infrastructure, and time.

High Costs: The costs associated with data

storage, processing, and analysis can be
substantial. Additionally, hiring skilled data NAME OR LOGO 15
 Thank You

Jens Martensson
+1 23 987 6554
[email protected]