Introduction to Data Science
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Questions and Answers

What is data?

  • A description of things
  • Individual units of information
  • A collection of facts such as numbers, words, measurements, or observations (correct)
  • A process of turning aspects of life into data

    • What is datafication?

  • A technological trend turning many aspects of our life into data
  • A method for refining unutilized data
  • A way to collect and monitor data information for marketing products and services
  • A process of taking all aspects of life and turning them into data (correct)

    • What is the analogy 'Data is the New Oil' trying to convey?

  • Data can be used as fuel in various applications
  • Data is as valuable as oil but needs refining to be useful (correct)
  • Data has replaced oil as the most valuable resource
  • Data has similar properties to oil

    • What benefits can be obtained from collecting and monitoring data on social platforms like Facebook?

    <p>Market products and services based on user actions and friendships</p> Signup and view all the answers

    What types of data can be collected in the banking sector?

    <p>Transaction data, customer demographics, and financial behavior</p> Signup and view all the answers

    What is the main idea behind datafication?

    <p>A technological trend turning many aspects of our life into data</p> Signup and view all the answers

    What does the analogy 'Data is the New Oil' imply?

    <p>Data is valuable but needs refinement to be useful</p> Signup and view all the answers

    What are examples of areas where significant data collection occurs?

    <p>Web data, Telecom, Bank/credit transactions</p> Signup and view all the answers

    How can social platforms like Facebook utilize the collected data?

    <p>To collect and monitor data information of users' actions and friendships for targeted marketing</p> Signup and view all the answers

    What is the primary purpose of datafication?

    <p>To transform various aspects of life into data for new forms of value</p> Signup and view all the answers

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