12/05/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
Extrapolation is a statistical process that attempts to reach a conclusion about a phenomenon or data structure based on certain existing data. It is a method of forecasting based on the assumption that certain trends present in the current data will exist in the future.
12/05/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
Data collection is the process of gathering information, data, or statistics from a variety of sources. This can be done through direct observation, interviews, surveys, analysis, or other methods. The goal of data collection is to gather data in order to investigate and solve a specific problem.
12/05/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
Process data is data that is collected during a process. This can be inputs from external sources (e.g. sensors) or data generated during the process (e.g. results of calculations, measurement data, etc.). Process data is usually used to support process control and optimization tasks.
12/05/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
A database is a collection of structured data stored on a computer or server, usually managed with database management system software. A database can store data in tabular, chart, or other formats and allows users to store, modify, retrieve, and analyze the data.
12/05/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
Inventory data is data that contains information about a specific group of people, objects, or services. It is typically used to track and analyze trends. Inventory data can come from a variety of sources, including demographic data, sales data, contact information, and other data that describes the status of a group.