By making good use of relevant data, data science aids in the solution of real-world issues. In today's world, businesses are relying on data science specialists to analyze consumer behaviour, forecast sales, and forecast the product's future in the market. That is why an MBA in Business Analytics and Data Science is great for today’s digital era. Companies looking for data scientists choose schools that have a curriculum that focuses on developing industry-valued abilities.
Here is a list of five practical data science projects that will help you solve real-world business problems.
1. Automatic Recommendations
Recommendation systems are algorithms that aim to provide consumers with the most relevant information, whether it's comparable items on Amazon, similar Netflix series, or similar Spotify tracks. There are two types of recommendations. Content-based recommendation systems make recommendations based on the characteristics of previously selected items. Collaborative filtering means items that a person might enjoy are filtered depending on the reactions of other users. With the help of automatic recommendations, the entertainment sector is able to present consumers with more relevant items, programs, or tunes, increasing their chances of purchasing more and/or being engaged for longer.
2. Deep-Dive Analysis
A deep dive analysis is basically a thorough examination of a certain problem or topic. They can be exploratory in nature, looking for fresh facts and ideas, or investigative in nature, looking for the root of an issue. Deep dives are a must for every data-related professional. What separates great from excellent is the ability to figure out why something doesn't work or to locate the silver bullet.
3. Segmenting Consumers
The technique of segmenting a client base into various groups is known as "customer segmentation."
Demographic segmentation is the most prevalent, but there are many more, including regional, psychographic, needs-based, and value-based segmentation. It enables you to carry out more focused marketing and provide more customized messages for each section. All the best MBA colleges in Kolkata and in other states have stated that consumer segmentation is a must for all businesses, as it helps them build better strategies.
4. Detecting Fake News
To segment the news as real or fake, this model will use two classifiers: TfidfVectorizer and a PassiveAggressiveClassifier. JupyterLab is a web-based user interface that lets you interact with documents and activities like Jupyter notebooks, text editors, terminals, and custom components in an integrated and expandable way. In this situation, a data set with dimensions of 7796 x 4 will be quite useful.
5. Predicting Word
Working on data science projects gives you the ability to construct prediction models, which is a unique feature. You've probably seen this while using Google Docs, WhatsApp, or even the Google search bar: they all employ the approach of proposing a new term after each new word you input. This project is ideal for someone who wishes to progress to more advanced tasks. To find the following word, you'll need to know about NLP or deep learning. Because it uses deep learning and a network of artificial cells to control the entire memory, the LTSM (Long Short-Term Memory) model is the best option. As a result, they are better adapted to forecasting the future.
No data science project is tough if you have sufficient understanding of the appropriate tools and procedures. In reality, working on a variety of projects is the best way to assess a technology's actual use. It provides you with the appropriate amount of exposure while also improving your problem-solving abilities. The Bengal Institute of Business Studies provides an MBA in Data Science in Kolkata, which will give you intrinsic knowledge about how data science is changing the world. With live virtual instruction from BIBS, hands-on projects, and mentorship from industry practitioners, this program will help you become a data-driven decision-maker.