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Top 5 Fundamental Data Science Concepts in 2022

Data Science, Data Analytics, and Business analytics are complicated subjects that combine a multitude of concepts from mathematics, statistics, computing, and management skills. This article will cover five fundamental Data Science Concepts.

1: Machine Learning

Machine Learning is an area of Artificial Intelligence. It involves programming a system that will perform a task automatically. The system learns from data and makes decisions without any human intervention.

It is used to create predictive models in relation to Data Science. The machine learning algorithm can independently process new data and adapt it to predict more accurate outcomes. These predictions can be based not only on new data but also on all previous computations. Machine Learning is key to managing and working with Big Data.

2: Algorithms

Algorithms refer to a set of specific rules or processes that are used in calculations to solve problems or complete a task. For example, the simplest algorithm is a recipe. It's a set of rules that you must follow in order to achieve a particular outcome.

Many data models and analyses in Data Science are achieved using algorithms. These can be either automated to self-learn as in Machine Learning or simply applied to Excel sheets to generate results based on the data.

3: Statistical Models

Statistical Models are mathematical models which specify the relationships between random and unrandom variables. This is the process of analysing data by mathematically representing the observed data to draw inferences from the provided samples. This Data Science Concept is the core of this field. Based on the available data, models can be used to extract and predict possible outcomes.

Data Scientists can use statistical models to predict the likelihood of an event. One example is the prediction of the outcome of a roll of dice.

4: Regression Analysis

Regression analysis, a statistical method that determines relationships between dependent variables and independent variables, is used to give a real number value for a quantity on a line. For example, temperature, sales turnover etc.

It is used in Data Science to forecast or predict specific behaviours. Forecasting the monthly trend in sales for the year using past and current data is one example. Machine Learning is a similar field to regression analysis.

5 - Programming

The computer programming languages used for Data analysis are Computer Programming languages. Programming can be used to clean, organize, and visualize data for stakeholders.

Data Science is dominated by R for Statistics, Python and SQL.

However, individuals who specialize in data interpretation or analysis such as business analysts, do not usually study these languages.

IMC Institute offers Online Data Science Course. For a personalized evaluation, contact International Management Consultants.

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