Hi 365 Data Science team and member,
I am a new student here in 365 Data Science. I am currently up to the ‘Introduction to Microsoft Excel” module.
I have a question regarding the word ‘Model’ mentioned in the pivot table case study. So the lecturer mentioned that the goal of the case study is to build a “model” to present to the company’s management team. What does the word “model” mean here? and also, does the word’s meaning depend on the context we are in?
I have seen this word get thrown in the world of Data Science a lot and I am not entirely sure when a person said this word, I will know what it means. Therefore, I’d love for someone to demystify this word for me.
Thanks for reaching out.
The definition of the term Model can be found even in a general dictionary such as Merriam-Webster. Its application in different settings (e.g. financial modeling vs using models in data science) may look different but is essentially identical.
In the context of financial analysis, a model is a summary of the performance of the company that basically shows what has historically happened in the company (over a certain period of time). The same system/logic of events can be used to make predictions about the future.
In data science, models are often what you’d think of as mathematical or econometric models, that are used to understand what has happened in the past (by using relevant data), and then apply these models for future predictions. The situation is similar to the financial analysis context, but this time the field of application is broader – it could be any field in which data science tools and models are being used.
Hope this helps.
Thanks so much for replying and now I get the rough idea what the word means.
The reason I asked this is to ensure that whenever I am in a circle of conversation somewhere, full of data scientist, I know what they are talking about haha
Hi Jimmy! Thank you very much for your reply. I am glad this helped and am sure you will know better what this terms means particularly in the context of data science once you proceed with the Program. Good luck and please feel free to post another question should you encounter any difficulties. Thank you.
Martin, The 365 Team