Understanding the business

Understanding the business

1. Data Science

   • It is the study of data to extract meaningful insights for business. It combines the principles and practices from mathematics, statistics, artificial intelligence and computer ingeneering to analyze and present data.
   • Margin Call
     • In this movie, risk analysis and prediction is presented, unfolding a music crisis that must be faced by making decisions under uncertainty, leaning just on data collected and modelling it, as they say in the clip.
   • The Big Short
     • In this movie, the man does a predictive analysis to anticipate the collapse of the housing market and decides to take a strategic risk after collecting and analyzing the data.

2. Data Analytics

   • It is the systematic computational analysis of data or statistics, used to convert raw data into actionable insights, by discovering, translating and conumicating meaningful patterns in data, which are used to take decisions.

3. Big Data

   • It is data that contains greater variety, arriving in increasing volumes and faster. They need non-traditional data processing computer applications, as they are larger and more complex data sets that might come from new data sources.

4. CRISP DM Methodology for Data Science

   • Phase 1: Business Understanding
     • Understanding the objectives and uncovering important factors that could influence the outcome of the project.
   • Phase 2: Data Understanding
     • Aquiring and loading the data to data understanding tools.
   • Phase 3: Data Preparation
     • Deciden which is de data that is going to be used for analysis, taking in account its relevance, quality and other technical constraints.
   • Phase 4: Modelling
     • Build the data model using an appropiate technique.
   • Phase 6: Deployment
     • Determining a strategy for the evaluation results deployment.
   • Phase 5: Evaluation
     • Assessing the model results and determining if it might be deficient.