Example of when the Business can affect "Optimization of Drilling Operations"?
I have a question regarding "Optimization of Drilling Operations" based on the answer why it is not under Business in the following link: https://learn.365datascience.com/question/optimization-of-drilling-operations/
Please give us an example of when the Business can affect "Optimization of Drilling Operations."
I am considering an example where the Business prohibits drilling near historical locations.
Will this be a correct example?
I'm not able to access the question to which you linked and gain a better idea. Could you elaborate your question a bit better, please? Thanks!
Thank you for reaching out.
In Introduction to Data and Data Science / Intro to Business Analytics, Data Analytics, and Data Science
Can someone explain to me the meaning of optimization of drilling operations, and Why is the optimization of drilling operations part of data science area but not business area? (the optimization is a problem related to oil and gas industry, so it's a business problem)
Let me start by saying that it is all matter of interpretation. Of course, if drilling operations are related to an ongoing business activity, they could be moved to the left on our diagram. However, they can exist on their own and they are not necessarily related to business.
To do data analytics, all you need is data and math; business relation of the given problem is not required.
To do Optimization of Drilling Operations - why is not this just data analytics but is data science? Because the mathematical and statistical methods used in there are typical for what we call "Data Science" today. The mathematical and statistical methods used in Data Analytics, instead, could be, in theory, different. And they are indeed more.
Hi Fady and Ned!
I hope you don't mind if I join the conversation.
@Fady: Thank you for providing the question and answer from the link (I couldn't open it either).
In the diagram, we want to provide examples for every field so that we can better explain its purpose. "Optimizing Drilling Operations" - even the name, optimizing, is a mathematical term and suggests a reference to a purely quantitative scientific field rather than business interpretation (such as "Qualitative Analytics" or "Business Case Studies", where optimization might not be an operation in focus). So, as mentioned above, it is all matter of interpretation, but in today's data science world, "Optimizing Drilling Operations" is normally a pure data analytic activity.
Hope this helps.
The 365 Team
Many thanks you for your reply. I hope you are doing well and wish you a Happy New Year.
I am okay with "Optimizing Drilling Operations" being outside the Business Analytics.
And the answer mentioned above contains this part:
"If drilling operations are related to an ongoing business activity, they could be moved to the left on our diagram."
Therefore, my question was about giving examples of "ongoing business activity" that will move "Optimizing Drilling Operations" to the left on the diagram.
For the link to work, copy and paste the URL in the browser instead of clicking on the link.
Thanks for getting back to us.
This would depend on the business. If you are running a mining company for which drilling operations is a main activity, you would have it in your accounts as part of the business cycle. ... As we could do with any other activity, so long as it is monetizing.
Out of such a context, drilling operations are a physical/natural resource extraction activity, is a data analytical activity.
Hope this helps.