Statistical data science is a major pillar of modern data analytics that turns data into understandable information to alert decision-makers and solve challenging problems. Statistics is a major part of data science. It is at the heart of complex machine learning algorithms, and also in capturing and translating data patterns into actionable evidence. Statistics is as important as programming in data science. This article is a comprehensive guide to understanding what exactly is statistical data science.
All About Statistical Data Science
The use of statistics is something that can be witnessed all around us and also in our everyday lives. Statistics is used in the prediction of the weather, in restocking retail shelves, in estimating the condition of the economy, and much more. The amalgamation of statistics and data overrides intuition, informs decisions, and minimizes risk and uncertainty. Statistical data science is used to analyze raw data, build data models, and infer results.
Statistics at its core is a set of mathematical methods and tools that enable us to answer pivotal questions about data. Descriptive statistics can be used to transform data in the form of observations into insights that can be used further down the line. Inferential statistics can be used to study samples of data and then reveal the findings to a group of people or an entire population.
The application of statistical data science can be seen in numerous fields ranging from economics and medicine, to social and environmental sciences. Statistical data science can help answer numerous questions such as
- What features are the most important?
- How should the design of the experiment be done to develop our product strategy?
- What performance metrics should we measure?
- How do we distinguish between noise and valid data?
To be proficient in statistical data science, one must be well versed in the theoretical and applied elements of modern statistics and should also have practical experience in modelling, analysing and interpreting real data required in the economy and industry. The study also involves understanding and practising statistical modelling, machine learning, probability and stochastic processes.
Data science in India is arguably the most coveted field of study and statistical data science is a crucial part of the subject. With alluring placement packages and massive opportunities for growth and personal development, it is no wonder that students are flocking in hordes towards a career in data science. Praxis, a premier business school, presents to you an opportunity to embark on a life-changing journey with our state of the art PGP in Data Science. Curated to meet the needs of the present industry, we assure you that our course along with an impressive line of tie-ups can give you the foundation that you need to kickstart your career as a data scientist.