Data Science Helping in Decision Making

10 III March 2022
https://doi.org/10.22214/ijraset.2022.40844
International Journal for Research in Applied Science & Engineering Technology (IJRASET)
ISSN: 2321-9653; IC Value: 45.98; SJ Impact Factor: 7.538
Volume 10 Issue III Mar 2022- Available at www.ijraset.com
Data Science Helping in Decision Making

Prakhar Bhatnagar1, Dr. Devesh Katiyar2, Gaurav Goel3
1, 2, 3
Master of Computer Applications, Dr Shakuntala Misra National Rehabilitation University, Lucknow, India
Abstract: Technology is changing at a very fast rate. It is affecting our day to day life. It is being upgraded to make our life
easier and make the things work faster. Earlier computers used to be a very simple machine with some basic tasks such as
calculating, saving data and for playing games. But now many algorithms and technologies came into existence that made
computers a faster, intelligent and super machines which is capable of doing tasks which humans can’t do. One such technology
is Data science, earlier computers were used only to save data but analysis of that data could only be done by the humans. Data
science now helped humans to get the analysis of the saved data from the computers itself. Many such algorithms and
applications can be installed in the computers to analyse the data and bring out the meaningful trends from it.
Keywords: Data Science, statistics, Big data, graphs, decision making
I. INTRODUCTION
Big data now is the buzz in the world of technology. Big data has the ability to change the business model and day to day decision
making that accompany emerging data analysis. The growing combination of applications, data, algorithms have huge implications
on Supply Chain Management widening the opportunities for the business and various other purposes. With the increasing
technology data is increasing so the storing capacity, analysing capacity is required. Thus data science came into existence which
helps humans to analyse the data and perform various functions on it. New solutions to new problems have been proposed rapidly
for large amount of data.
Current and future challenges require greater care in creating new solutions that satisfy the rationality of each type of problem. Data
are widely considered to be a driver of better decision making and improved profitability for an organisation, and this perception has
some data to back it up.
However for the data science to serve business effectively a thorough command over the data of the organisation should be there
and a deep analysis is to be made to bring out the better predictions for the betterment of the organisation. Data is also used to
establish relationship among various closed relations concepts to tell what are the basic principles under category of data science.
Once the control over data is made we can easily understand and explain what data science has to offer. Once we are able to extract
trends from the data and are able to extract required information from it then only, we can call that process as data science
II. WHAT IS DATA SCIENCE?

Data science is defined as a collection of characteristic rules that is used to extract knowledge and information from a data. Data
mining can be called a very closed concept of Data science. The use of the term Data science is becoming common with Big Data.
Data science is made by combining two terms DATA and SCIENCE, where science implies knowledge gained by systematic study.
It is a part of the organisation that builds and organises in the form of explanations and predictions about the particular organisation.
Data science focuses around Data by the use of statistics, which gives a systematic study about the organisation, properties and
analysis of data and their role in inference.
The Data available with the organisation is in the heterogenous and unstructured form texts, images, videos which are to be sorted
in a particular manner as well as other complex relationship among entities. There are hundreds of data mining algorithms that can
be applied according to the field of use.Underlying these algorithms are the set of fundamental principles that are required for the
extraction of knowledge and trends in a required format. These algorithms and principles can be applied broadly in the functional
areas within an organisation.
Data science is the integration of statistics, data analysis, informatics and their relations with other methods. Data science uses the
way of extraction and properties extracted from different fields within the broad category of mathematics, statistics, computer
science, information science and domain knowledge. A Data Scientist is someone who creates methods within a code and combines
it with statistics to create insights from data and bring out the required trends. Data science is increasingly about the predictions on
observations that will occur in the future.
©IJRASET: All Rights are Reserved | SJ Impact Factor 7.538 | ISRA Journal Impact Factor 7.894 | 1144
(Image Source: datascience@berkeley)
III. NEED OF DATA SCIENCE IN AN ORGANISATION

Time has changed, from working with small sets of structured data to large mines of unstructured and semi structured data coming
from various sources. The traditional business intelligence tools fall short when it comes to process such massive pool of
unstructured data. Data science comes with many advanced tools to work on large amounts of data coming from various sources
such as marketing, financial logs, multimedia files, text files, sensors and instruments. Not only in business organisations but also in
various organisations Data Science is now becoming a important part to be used, such organisations are:
1) Data science is used for predictive analysis which can be used in weather forecasting. This can be done on the data which is
gathered through satellites and radars used to detect the disturbances.
2) It can be used for product recommendations by bringing out the trends from the old data and the new data collected by survey
team. It can give very precise information.
3) Data science can help in effective decision making, on the spur of the moment. Best example for it can be the self driving cars,
which collect data in real time from its surroundings through sensors, radars, cameras, lasers and all this makes car move in the
direction
4) Machine learning algorithms also take help from data science. A machine collects lots of data from various sources and
analyses it accordingly gives the desired answer.
IV. DATA SCIENCE HELPING IN DECISION MAKING

Data science is the combination of principles, methods, techniques, for understanding data and the phenomena to be applied over
data. The ultimate goal of data science is to improve decision making as this is the most important perspective for a business. Data
driven decision (DDD) making refers to the task of extracting out correct knowledge from the study of data rather than overviewing
the data and predicting intuitions.
Economist Erik Brynjolfsson from MIT recently conducted a study on how DDD affects organisation’s performance. They
developed a measure that how strongly they use data to make decisions across the company. They show graphically that the more
data dependent a firm is, the more productive it is- even controlling for a wide range of possible confounding factors. And the real
differences came out to be very big; one standard deviation higher on the DDD scale is associated with a 4-6% increase in
productivity. DDD is also co-related with a higher return on assets, return on equity, asset utilization and market value and
relationship seems to be casual.
V. DATA PROCESSING THROUGH BIG DATA

Despite the impression from the internet, there is a huge difference between data processing and applying data science over the data.
Data engineering and processing are not always related to data science, they may or may not support the process of data science.
Technologies involved in data processing for business do not involve only analysing or decision making but also has modern web
system processing, efficient transaction processing, online advertising campaign management and so on.
In simple language Big Data can be considered as datasets that are very large in size and hard to be handled by traditional data
processing systems and so it requires new technologies for handling. Big Data technologies may include Hadoop, Hbase, CouchDB.
Big data technologies are used for various categories of work such as analysing data..
Many economists examined that to which extent utilization of Big data technologies can help the firms. They noticed that after
controlling various factors and increasing the use of big data technologies firms gained 1-3% higher productivity than the average
firm. This leads to potentially very large productivity differences between various firms.
VI. FUNDAMENTAL CONCEPTS OF DATA SCIENCE

Some of the basic concepts of Data Science are:
1) Extracting useful knowledge and trends from the data to solve business problems is the core help from data science
2) Evaluation of the results of data science should be done carefully considering where they will be used.
3) The relationship between the business problems and the analytic solutions can be further divided into tracable subproblems with
the help of framework of analysing expected value.
4) The information technology is used to find out the information from the very large collections of data
5) Entities that are similar with respect to known features or attributes often are similar with respect to unknown features or
attributes.
6) To draw conclusion from the results of data science one must carefully see what were the factors involved in it.
VII. SCOPE OF MY STUDY

Data science encompasses many breakthrough tech concepts like Artificial Intelligence, Internet of things, deep learning and many
more. With the increase in such technologies data science impact will increase drastically. With the advancement in technology
dependence on data and analysis of data will increase hence the data science will keep on growing and its impact over the business
will increase, it will play a crucial role as people will understand the importance of gathering and analysing the data.
As the Data science is a constantly evolving technique, there are lot of career options to be pursued within this and apart from that it
will become an important part of the organisations very soon as it has shown good results in predictions and increasing business
profits.
Many results and studies have shown that there was a big difference between the result generated based on intuitions and the result
brought through a deep analysis with the help of data science.
According to my research, data science should be made necessary to bring the maximum profit from your business and also it will
help to analyse data for future market expansion. Storing data and analysing it will become more easier as day to day people are
coming near to technology and data science algorithms will also become easier to use in he coming future.
VIII. CONCLUSION
The extensive collection of techniques for mining data that underlie data science are very much small and limited. In order for data
science to flourish as a demanding and useful technology we must think of more detailed algorithms, more principles to work upon,
more techniques and more tools and make them common for the organisations to use. We must think about the basic concepts and
principles that support for more success of Data driven decision making. The concept of data science are very general in nature and
are broadly available.
In today’s era success of business requires a deep study of the market and the data collected from the market through various
surveys, basically today’s era is the data oriented where the data plays a major role in taking your business to newer heights through
its deep study. Problem analysis and suitable solution for the problem can be extracted with the help of conceptual frameworks that
are part of data science. There is a very strong evidence that suggests data science has helped in increasing business outputs via data
driven decision making.
Data science helps in data based decision making and sometimes taking decision making at a much higher level such as Big Data.
REFERENCES
[1] Hadley Wickham, Garrett Grolemund-“ R for Data Science”
[2] Davenport T.H. and Patil D.J. Data Scientist: The best job of 21st century
[3] Shah S, Horne A. Good data won’t guarantee good decisions
[4] Vasant Dhar : Data Science and prediction( https://dl.acm.org/doi/abs/10.1145/2500499 )
[5] Foster Provost, Tom Fawcett: Data science and its relationship to big data (https://www.liebertpub.com/doi/abs/10.1089/big.2013.1508 )
[6] Matthew A Waller, Stanley E Fawcett: Data Science, predictive analytics and Big data (https://onlinelibrary.wiley.com/doi/abs/10.1111/jbl.12010 )
[7] Benjamin T Hazen, Christopher A Boone, Jeremy D Ezell, L Allison: Data Quality for Data Science and Big data in supply chain management (
https://www.sciencedirect.com/science/article/pii/SO925527314001339)
[8] Chaim Zins: Conceptual approaches for defining data, information and knowledge (https://asistdl.onlinelibrary.wiley.com/doi/abs/10.1002/asi.20508 )

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10 III March 2022

Data Science Helping in Decision Making

II. WHAT IS DATA SCIENCE?

(Image Source: datascience@berkeley)

III. NEED OF DATA SCIENCE IN AN ORGANISATION

IV. DATA SCIENCE HELPING IN DECISION MAKING

V. DATA PROCESSING THROUGH BIG DATA

VI. FUNDAMENTAL CONCEPTS OF DATA SCIENCE

VII. SCOPE OF MY STUDY

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