“Most of the knowledge in the world in the future is going to be extracted by machines and will reside in machines.”
— Yann LeCun
Data science is the field that focuses on studying data and discovering valuable insights from it. For instance, if you possess a dataset of movies and you want to identify the popular movies released in a particular year or just the comedy genre movies, Data Science can be of great assistance. The main objective is to transform raw data into meaningful information and generate insights as per the specific requirements. To accomplish this, it employs various techniques and tools, including statistical analysis, machine learning, and data visualization, to detect patterns and glean insights from vast and intricate datasets.
Let’s discuss about real time application for better understanding.
Real Time Applications of Data Science :
House sales price is one of the well-known applications of data science. Let’s examine how it can be utilized to predict the sale price of a house using existing data.
Consider the following table(Table 1), which includes information on House Size, Number of Bedrooms, and Sales Price.
| House ID | House Size(square feet) | Number of Bedrooms | Sales Price(In USD) |
| 1 | 2000 | 3 | 300000 |
| 2 | 1500 | 2 | 400000 |
| 3 | 1800 | 2 | 250000 |
| 4 | 3000 | 4 | 350000 |
| 5 | 2200 | 3 | 320000 |
| 6 | 1700 | 2 | 420000 |
Now, It can help in predicting the house sales price utilizing various algorithms. The values of house size and bedroom count will be used by these algorithms to calculate the price of a home.
If you’re just starting out, you don’t need to worry too much about the algorithms or how the forecast is created. The idea can be understood without learning more about it right now.
We’ll look at one more example,
The sales and advertisements for a product are listed in the table below.
| No of advertisements | Sales |
| 2 | 1500 |
| 3 | 2500 |
| 5 | 3000 |
| 6 | 800 |
The sales value can be determined using information such as the number of advertisements and strategies for pricing.
In conclusion, data science is the art of discovering knowledge and facts from data. It is becoming more and more important in numerous businesses as daily data production grows.
Whether in business, healthcare, finance, or any other area, It may help organizations understand their data better and use it to make better decisions.
If you are interested to know about different roles in Data Science, Please read this article : What is Data Science ?
April 28, 2023, 10:06 pm