Thursday, October 15, 2015

Data Science vs. Decision Science

Either of them is not the end, but the means to the end - for problem-solving, improvement, and innovation.

From a business perspective, "Data science is the study of where information comes from, what it represents and how it can be turned into a valuable resource in the creation of business and IT strategies"(Whatis.com). Decision science or engineering is not "just a new buzzword." It is a knowledge revolution for proactive structural decision simulation analysis and strategic decision analysis for crisis early warning and proactive feedforward reactors control against process operation uncertainties. The typical challenge seen with the traditional analytics approach is to arrive at insights, but not necessarily affect actual business decisions, and not always in a timely manner. Decision Engineering approach embeds analytics in actual business decisions - rather than leaving it to the receiver of insights to use or dump. There is a further difference between Data Science and Decision Science. The latter is also called Business Data Science, combining the instrumental (data science tools & technique), social (business context) and functional (information process) axes to add value to the data and information within a company.


Data science has to be able to contribute towards the ability or capacity to enable change. Usually data-gathering is driven by the need to make decisions. Many are questioning the ROI on data science. But in the operational context of many organizations, data is collected as part of an important business function: human resources, logistics, quality control, and accounting. This means the data will be collected even if the ROI is not apparent. Strategic alignment, however, dictates constant change either in the nature of the data collected or its handling; This is not as simple as scanning all sorts of historical data that might now be outdated and inapplicable. While certain segments of the data science community might be focused on this historical learning, businesses generally seek out guidance to deal with future developments. So in certain respects, the only surviving lessons from the past are the most abstract; and the lessons also lead to the development of capacity to make use of intellectual capital; this remains with an organization in perpetuity, unless deliberately impaired. As such, a data scientist actually wields not just data but capital (capitalized intelligence) as evidenced by persistent artifacts associated with production.


There are three general pillars in Decision Science: Modeling/Simulation (stochastics and probability), Data Analysis (an application of statistics principles and data science), and Optimization (mathematical modeling with generally discrete results and an opportunity for sensitivity analysis for skeptics). These three pillars are different methods an analyst could apply to a particular problem based on the information at hand and the desired methodology. All three methods provide an opportunity to gain insight to make an informed quantitative decision and evaluate if a certain risk is acceptable. And there is an opportunity to explore a mixture of the "pillars," it doesn't matter if you are calling yourself a decision of data scientist, you are still applying scientific and mathematical principles to gain further insight or arrive at some results.


What is the goal of doing both data science and decision science? The pyramid of wisdom separate: data - information - knowledge - understanding - wisdom. This is in order of largest to smallest. These elements are not the same, but the one cannot be without the other. Nor is the one better nor equal they are all relevant and to be taken into account in decision making. Too often, businesses lean towards data science as the solution, building unbalanced teams which fall somewhat short of the fundamental skill of business problem definition and structuring. A solution is somewhere between data science and decision science. Businesses needs insights that drive real value, data science is only one of many enablers, and decision science could put more focus on decision analysis, but always keep in mind: either of them is not the end, but the means to the end - for problem-solving, improvement and innovation.


87 comments:

Hello,
The Article on Data Science vs. Decision Science is nice give detail information about it .Thanks for Sharing the information about Caparison of Data Science and Decision Science. big data scientist

Really helpful to develop my knowledge and understand the datascience and decision science. This explanation are very clear so easy to understand..
Also Check out the : https://www.credosystemz.com/training-in-chennai/best-data-science-training-in-chennai/

You actually make it look so easy with your performance but I find this matter to be actually something which I think I would never comprehend. It seems too complicated and extremely broad for me. I'm looking forward for your next post, I’ll try to get the hang of it!

Data Science Course

I would like to thank you for the efforts you have made in writing this article. I am hoping the same best work from you in the future as well. In fact your creative writing abilities has inspired me to start my own Blog Engine blog now. Really the blogging is spreading its wings rapidly. Your write up is a fine example of it.data science course in malaysia

Excellent and very cool idea and the subject at the top of magnificence and I am happy to this post
360DigiTMG data analytics training

Really Excellent blog and interesting topic enjoyed reading it.
Data Science Training in Hyderabad

Excellent information on Data science and Decision science was very unique and useful thanks for sharing, great work.
360DigiTMG Data Analytics Training

This is actually the data I'm searching for, I was unable to have requested a less difficult perused with extraordinary tips this way... Much appreciated!
data science course in delhi

First of all, you have a great blog. I will be interested in more similar topics. I see you have some very useful topics, I will always check your blog thank you.

Business Analytics Course in Bangalore

I found Habit to be a transparent site, a social hub that is a conglomerate of buyers and sellers willing to offer digital advice online at a decent cost.

Artificial Intelligence Course in Bangalore

If you don't mind, then continue this excellent work and expect more from your great blog posts
data science in malaysia

I will really appreciate the writer's choice for choosing this excellent article appropriate to my matter.Here is deep description about the article matter which helped me more.
data science training in Hyderabad

This post is very simple to read and appreciate without leaving any details out. Great work!
Best Data Science Courses in Hyderabad

Thank you for sharing such an amazing write-up with us!
Workday Payroll Training

nice blog good to know about data science
if u want know about data science u can visit this websites
https://socialprachar.com/

Incredibly conventional blog and articles. I am realy very happy to visit your blog. Directly I am found which I truly need. Thankful to you and keeping it together for your new post.
data science malaysia

The tradition of celebrating New year is followed in all parts of the country with great excitement and zeal. With the new year pretty nearby, we are here with Happy New Year 2021 Images.

innovation consultant, Awesome article, it was exceptionally helpful! I simply began in this and I'm becoming more acquainted with it better! Cheers, keep doing awesome!


If you don"t mind proceed with this extraordinary work and I anticipate a greater amount of your magnificent blog entries
Best Institute for Data Science in Hyderabad

Fantastic blog with excellent information and valuable content just added your blog to my bookmarking sites thank for sharing.
Data Science Course in Chennai

I figure it could be more broad in the event that you get a football sports movement masters in Data Science in malaysia

http://futureofcio.blogspot.com/2015/10/data-science-vs-decision-science.html

I was very pleased to find this site.I wanted to thank you for this great read!! I definitely enjoy every little bit of it and I have you bookmarked to check out new stuff you post.

best data science institute in hyderabad


Thank you so much for sharing all this wonderful information !!!! It is so appreciated!! You have good humor in your blogs. So much helpful and easy to read!
Data Science Training Institute in Pune

Amazing Blog , Thank you for useful information . data science training delhi


Wow such an amazing content keep it up. I have bookmarked your page
FULL STACK INSTITUTE IN DELHI

AI Patasala offers the Best Online Data Science Training in Hyderabad based on industry needs. With the help of real-time environments, aspirants can learn basic to advanced concepts.

Great blog and informative content. Keep maintain this work in further blogs' Thank you.
Artificial Intelligence Course at Hyderabad

Take advantage of the AI Patasala training institute most popular analytics-based learning program of Data Science Training in Hyderabad with real-time experts
AI Patasala Data Science Courses

Learn to master Data Science in real-time by doing hands-on exercises on real-time data science projects with the Data Science Training in Hyderabad program by AI Patasala.
Best Data Science Course Hyderabad

Nice blog, very informative content.Thanks for sharing, waiting for the next update…
Salesforce tutorial
salesforce tutorials

A splendid job! Thank you for blog. you write very nice articles, I visit your website for regular updates. For more information visit Airline Cabin Crew Training

If you don"t mind proceed with this extraordinary work and I anticipate a greater amount of your magnificent blog entries cloud computing training in noida

Wow! Such an amazing and helpful post this is. I really really love it. It's so good and so awesome. I am just amazed. I hope that you continue to do your work like this in the future also. data science training institute in gurgaon

Special New Year Wishes for a very special friend come in a very special way to wish a Happy New Year 2022 on a very special day! My best wishes for a Happy and Successful New Year! New Year Wishes for Friends

I really appreciate the kind of topics you post here. Thanks for sharing us a great information that is actually helpful. Good day! cloud computing training in gurgaon

The worst part of it was that the software only worked intermittently and the data was not accurate. You obviously canot confront anyone about what you have discovered if the information is not right. artificial intelligence training in delhi

Washington State is different from Washington DC. It is the capital of the United States of America. Olympia is the capital of Washington State. The word State is used to differentiate between Washington State and Washington DC. Washington State is situated in the Pacific Northwest region of the Western United States. Best Places to Live in Washington

Excellent post.I want to thank you for this informative read, I really appreciate sharing this great post.Keep up your work data science course in delhi with placement

This was not just great in fact this was really perfect your talent in writing was great. data scientist course in mysore

New Year is a very special moment where you want to celebrate these lovely moments with your family and also with your friends. New Year Messages for Girlfriend

I needed to leave a little remark to help you and wish you a decent continuation. Wishing you the good luck for all your blogging endeavors. business analytics course in mysore

wow, great, I was wondering how to cure acne naturally. and found your site by google, learned a lot, now i’m a bit clear. I’ve bookmark your site and also add rss. keep us updated. data science training in mysore

Thanks for sharing your precious time to create this post, it's so informative, and the content makes the post more interesting.really appreciated. Emily in Paris S02 Diamond Check Fur Coat

PSL Schedule 2022 has been announced. Get to know about the PSL 7 Live Streaming Teams Fixtures, Venues.

Good to visit your weblog again, it has been months for me. Nicely this article that i've been waiting for so long. I will need this post to total my assignment in the college, and it has the exact same topic together with your write-up. Thanks, good share.
data science training institute in hyderabad

It's like you've got the point right, but forgot to include your readers. Maybe you should think about it from different angles.
Data Scientist Course Syllabus

How to Start a Streak Tips for Beginners – Snapchat has become a very popular platform for sharing videos and photos. Its messaging feature is also very unique.

This comment has been removed by the author.
This comment has been removed by the author.
This comment has been removed by the author.

Very good message. I stumbled across your blog and wanted to say that I really enjoyed reading your articles. Anyway, I will subscribe to your feed and hope you post again soon. Wardrobe

I was just browsing through the internet looking for some information and came across your blog. I am impressed by the information that you have on this blog. It shows how well you understand this subject. Bookmarked this page, will come back for more.
data science classes in hyderabad


You re in point of fact a just right webmaster. The website loading speed is amazing. It kind of feels that you're doing any distinctive trick. Moreover, The contents are masterpiece. you have done a fantastic activity on this subject! data scientist course

Your blog provided us with valuable information to work with. Each & every tips of your post are awesome. Thanks a lot for sharing. Keep blogging,
best data science training in hyderabad

Really nice and interesting post. I was looking for this kind of information and enjoyed reading this one. Keep posting. Thanks for sharing. data science course in jaipur

It has made its worth due to the proficiency to find the secret datasets that make sense. Some people think that data science is still a successful career in 2021.data science training in Faridabad

They need to be good in python and other programming skills and modern AI tools to develop a website whose success is guaranteed.
data science training in shimla

Are you searching for good Data Science training in Bangalore to upscale your skills to dominate the job market? 360DigiTMG will help you realize it. Get trained by efficient professionals with real-time projects and assignments in your training and bag your desired job. Enroll now!!

Data Science Course in Bangalore with Placement

Are you looking for a top-rated Data Science Course to start your career in Data Science then 360DigiTMG is what you are looking for. Enroll now!

Data Science Course in Jaipur

Data Science is a dynamic domain and is growing rapidly. To know more about the Data Science domain and various courses offered and their fee details and duration click the link below:

Business Analytics Course in Jodhpur

Join the Best institute for Data Science in Bangalore to achieve your career goals. Learn to manage, store, and protect data that will further help in analyzing customer behavior and provide feedback to make critical decisions. Learn the art of storytelling using the facts derived out of data and present the same user data visualization tools. With the right skills and techniques, you can achieve your career goals in this lucrative field.


Data Scientist Course in Delhi

The best way to start this is to visit with the project managers who take care of big data and analytics and ask some questions to them regarding their project, such as where their projects are. Thus, according to your research, you can compile a list of tasks and skills to take on the project.data science training in nagpur

Learn to build powerful models to solve business problems by generating useful insights and discover the various scientific processes and methods used to transform the information available in huge datasets into meaningful results. master all the tools and techniques in Data Science and gain domain-specific knowledge which will help you to add more value to your profile. Sign up for the Data Science course in Bangalore with Placements and multiple your chances of working across all industries and job functions.

Data Science Institute in Bangalore

With the increasing demand for data science technologies in every organization, the demand for skilled data scientists has also increased.data science training in ranchi

Embark on a journey to achieve your professional goals by enrolling in the Data Scientist course in Bangalore. Learn the skills of collecting, extracting, analyzing, preparing, visualizing, and presenting results to make valuable decisions. Master the concepts of data science through hands-on projects and case studies to learn the latest trends and skills in this field.

Best Data Science Institute in Bangalore

There are also varieties of options available to choose a career in data science, like you can become a data scientist, developer, data engineer, analyst, database administrator, and many more.
data science training in patna

The increase in big data has led to a boom in the field of Data Science spiking ample career opportunities. Enroll in the Data Science training in Bangalore and invest in emerging skills and transform any business by wrangling, analyzing, and visualizing data. Give your career a makeover and gain in-depth knowledge on how to extract valuable insights from complex and large sets of data. Get to work on a live project which is designed to give hands-on experience to you along with career guidance and mentorship.


Data Scientist Course in Bangalore

Do you want to know about Leonardo DiCaprio Net Worth, Career, Age, Nationality, and Awards?

Hi there. You can harness the potential of your data with the team of exceptional data analysts. The analysts transform raw information into actionable insights. Also the experts provide the clarity you need to make informed decisions. So you can collaborate with this service to ensure that your projects benefit from insightful analysis, driving exceptional results and staying ahead in today's data-driven landscape. Follow the link here - data scientist for hire

Great information for tech students. i suggest to read once. If anyone looking best training with placement in Datascience then find out Steps Technology in Nagpur. They provide Data Science Course in Nagpur with placement support and full practical knowledge. Get chance to work on live project in traning sessions. Technology experts can guide you with industry based knowledge.
For more detail, contact them at 07122745635 , 07122959635

Post a Comment