Presently the world is witnessing a crazy influx of data every single second of time. This has become possible due to the advancement in technology that is enabling the storage of such huge amounts of data. The data collected and produced has become a great help to companies across the globe. However, to be able to use the data to the effective benefit of the company, it’s imperative to know the right way in treating the data. This is where decision science comes into play.
What is Decision Science?
A fairly new terminology, Decision Science is the collection of techniques or methodologies used by professionals or data scientists to correctly utilize data in order to help company stakeholders make the correct business decisions.
Analysing the collected data, making references, risk calculations, drawing assumptions about the market based on the available data, and communicating compelling and complex business stories is an easy way, to recognise weaknesses, threats, and challenges and then after careful study and understanding of the business problem, chalking out solutions is what entails decision science.
A career in decision science requires one to be able to comprehend issues, use data, make correct use of the tools to study the data and then find the right business solutions.
What kind of educational qualifications and technical skills are required?
A bachelor’s degree in statistics, computer science, social sciences, or physical sciences can set a base for becoming a data scientist. A master’s degree in engineering or computer science field will go a long way. A majority of data scientists today have both, a master’s and a doctoral degree.
Coding and Computer Languages are a must. One must know either one or all coding languages like R programming, Java, Perl, or C/C++, Python, SQL, NoSQL and Hadoop.
While recruiting, companies require candidates who also hold strong communication skills. This is significant as not everyone can understand complex data. It is necessary for data scientists to be good at decoding complex data and explaining it to the stakeholders in a much easier language to help them take the right decisions.
What kind of companies require decision science?
Well, today almost every company could use decision sciences for their best benefit. However, to be specific, apart from being used in business and management, decision science is also used in law and education, environmental regulation, military science, public health and public policy.
To conclude, decision scientists are professionals who hold a combination of diverse sciences of math, technology and business which helps them perform their duties effectively and render impeccable professional services to companies and regulatory bodies across the world.