To get a better Understanding of’What’s Data Science?’ , let us investigate its life cycle. Suppose, Mr. X is the owner of a retail shop and his intention is to enhance the revenue of his shop by identifying the drivers of earnings. To achieve this goal, he wants to answer these questions:
Which would be the most lucrative goods in the shop?
Are the in-store promotions functioning?
Are the merchandise placements efficiently deployed?
His Principal intention is to answer these queries that would certainly influence the results of the undertaking. Hencehe appoints you as a Information Scientist. Let us fix this issue with the Data Science life cycle.
The First stage in the Data Science life cycle is information discovery for almost any Data Science issue. It has ways to find data from several resources that could be in a format format such as images or videos or within a structured format such as in text documents, or it might be out of relational database programs. Organizations can also be peeping into client social networking data, and so on, to comprehend consumer mindset better.
In this stage, as a Information Scientist, our goal would Be to increase the revenue of Mr. X’s retail shop. Here, variables affecting the earnings might be:
- Shop location
- working hours
- Merchandise placement
- Merchandise pricing
- Competitors’ promotions and location, Etc
Keeping These variables in mind, we’d develop clarity on the information and secure This information for our investigation. In the conclusion of the point, We’d collect All information that pertain to the components listed above.