Data Science
In this era filled with sensors and online interactions, we are able to record a vast amount of activity, including sales record, rental data, production data, and more. From these data, we can uncover underlying patterns and use them to predict the short-term future. Here are several applications related to data analysis that can inspire us to discover even more possibilities for business.
01
Price elasticity of demand and forecasting
It is expected to use past sales data to understand the correlation coefficient between price and sales volume, and predict potential sales volume at a specified price.
02
Prediction of the survival of passengers in the Titanic disaster
The Titanic is a well-known disaster, provided passenger data isn’t completed, with an attempt to predict the likelihood of survival, using the known data, for the passengers whose survival is unknown.
03
Prediction of the demand of bike sharing
Using the given data, including "season, holiday, working day, weather, temp, attempt, humidity, windspeed, registered, casual, and count (rental quantity)," to predict the future rental demand.
04
Online shop recommendation system
Based on the store's sales records, build a recommendation system to predict the next potential item that may be purchased.
