Data Science, Big Data, Predictive Analytics, Advanced Analytics…what exactly does it all mean? What if anything does it have to do with the Academy Awards? The Awards are given for art, not science, but the awarding of the statuettes is a process undertaken by a panel of around 5,000 humans that can be understood, and dare we say forecast, using data science.
All of those fancy terms refer to the application of rigorous statistical methods, mathematical analysis, and “machine learning” to better analyze information. And ultimately, the goal is to use that analysis for better decision-making.
Technology – computing power, data transmission, the internet, the ubiquity of computers, social networking, communications and mobile devices – all of these incredible innovations have exponentially increased our ability and opportunity to collect, store and process data. Thus evolved, and continues to evolve, modern “data science” – the discipline of analyzing and applying data for real world business solutions.
But, as the amount of data increases, it becomes increasingly challenging to sort through it. Some data helps us to be smarter, but some data just confuses the picture. We call the helpful information “Signals” and the confusing or not-so-helpful information “Noise.” There arises a … Read the rest