Discuss how Data Science could be applied to assist humans in decision making...
Discuss how Data Science could be applied to assist humans in decision making and/or drawing predictions for the future in relation to cash, credit, OR inventory management.static/image/hrline/4.gif
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Data ScienceThe study of extracting knowledge from data is known as data science. Signal processing, mathematics, probability, machine learning, computer programming, statistics, data engineering, pattern matching, and data visualization are among the approaches used to extract meaningful knowledge from data. Big data is an important part of data science as computer systems become more capable of handling more data.
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Decision makingWhen it comes to business decision-making, gut impulses and human biases are firmly ingrained. When a decision fails, the blame game begins, with no one in the organization taking duty or responsibility. Identifying the fundamental reason and resolving why the decision did not provide the intended results takes a lot of time and money. This results to a loss of revenue and productivity for the company.Data science enables the company to make decisions based on quantitative, data-driven information. Human biases, judgement errors, ego conflicts, overconfidence, status quo, disregarding other viewpoints to look at a problem, incorrect perceptions, misperceptions, over optimism, and prudence are all eliminated. Data science has the ability to transform data into useful information and recommendations. Not only that, but because data science is founded on logical facts and numbers, it can improve the correctness of choices.Another way that data science can help you make better decisions is through speed. Today's businesses operate in a market that is highly dynamic, volatile, uncertain, and complex. Agility, flexibility, and adaptability have become critical qualities for anticipating and responding to a situation. This means that some decisions must be made swiftly and in real-time in order to maximize the commercial opportunity. For business, data science can help.
Data science can help with everything from understanding customer behavior and personalizing customer experiences to keeping an up-to-date view of financial transactions and engaging employees to ensuring a smooth supply chain.Data science may typically disrupt strategy and decision making in four ways: descriptive analytics (what happened), diagnostic analytics (why something happened), predictive analytics (what is likely to happen), and prescriptive analytics (what is likely to happen) (what action to take). In a word, data science considers the entire picture in order to create a data-driven business impact.
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