Introduction to Data Science

Data science is the field of applying advanced analytics techniques and scientific principles to extract valuable information from data for business decision-making, strategic planning, and other uses.

1. Define business requirement, 2. Data collection, 3. Data cleaning, 4. Data exploration and Analysis.

For customer credit risk analysis, the perfect data should typically include demographics data, loan information, repayment data, and transaction statements.

<p>Data cleaning is important because bad data can lead to inaccurate models. The accuracy and effectiveness of analysis highly depend on the quality of data.</p> Signup and view all the answers

<p>The purpose is to understand data, explore and visualize it to uncover insights, identify important aspects for analysis, and remove data that may distort the analysis.</p> Signup and view all the answers

<p>Defining business requirements is crucial as it helps in understanding the problem to be solved and transforming business needs into actionable data science questions.</p> Signup and view all the answers

<p>Fake data reduces the ability to identify other issues like fraud.</p> Signup and view all the answers

<p>Data collection and integration</p> Signup and view all the answers

<p>To ensure the relationship between the variables is linear</p> Signup and view all the answers

<p>It can allow malicious actors to reconnect individuals to their confidential information.</p> Signup and view all the answers

<p>The diversity and complexity of the data sets used.</p> Signup and view all the answers

<p>Predictive maintenance</p> Signup and view all the answers

<p>By using big data for demand forecasting, product predictions, and in-store optimization</p> Signup and view all the answers

<p>Reducing fraud or driving innovation.</p> Signup and view all the answers

<p>Data security</p> Signup and view all the answers

<p>To separate confidential client information from identifying data.</p> Signup and view all the answers

<p>Generating or collecting data.</p> Signup and view all the answers

<p>Data validation to test the model's accuracy</p> Signup and view all the answers