Data science is a field study related to data, to bring out meaningful business insights for effective decision making.
Stages of Analytics:
- Descriptive analytics.
- Diagnostic analytics.
- Predictive analytics.
- Prescriptive analytics.
- Highest level of analytics.
Descriptive analytics:
Answers questions on what happened in the past and present.
Example: Number of Covid-19 cases to date across various countries.
Diagnostic Analytics:
Answers questions on why something happened.
Example:Answers questions on why Covid -19 cases are increasing?
Predictive Analytics:
Answers questions on what might happens in the future.
Example: what will be Number of covid 19 cases in the next month.
Prescriptive Analytics:
Provides Remedies and solutions for what might happen in the future.
Example: what should be done to avoid the spread of covid 19 cases. which might increase in the next one month
CRISP -DM: Cross Industry Standard Process for Data Mining:
Business Understanding ---> Data Collection ---> Data Cleansing and exploratory data analysis--->
Data Mining and Model Development --> Model evaluation ---> Deployment.
CRISP - DM for Business understanding:
Articulate the business problem by understanding the client/customer requirement.
Formulate Business Objective Formulate Business constraint
Few Example of Business objective and Business Constraint:
Business problem: Significant proportion of customers who taken loan are unable to pay.
Business objective: Minimize loan defaulters.
Business Constraint: Maximize profits.
Key points to remember:
Ensure that objective and constraints are SMART.
specific measurable achievable relevant time bound