Data Science

Data science is a scientific field of knowledge extracting knowledge from data using various methods.

Data usually means large amounts of digital data (big data) stored in databases. Central areas are computer science, mathematics and business.

In data science, mathematical and statistical methods as well as algorithms, processes and systems are used to gain insights from data. Machine learning methods are also often used to recognize patterns or make predictions.

A typical project process in a company begins with the problem definition. Data is then collected from various sources, cleaned up and processed before they are analyzed. The knowledge gained is visualized and integrated into applications or decision-making processes.

Types

• Descriptive analysis: Describes what happened in the past.
• Diagnostic analysis: Investigate why something happened.
• Predictive analysis: Use data to predict future developments.
• Prescriptive analysis: Gives recommendations based on data.

Examples

• Analysis of sales figures to evaluate the past performance
• Investigation of customer migration and its causes
• Predicting demand or sales
• Recommendation of measures to optimize business processes