The aim of The Data Monk is to help people know that statistics is not a rocket science and you don’t need an economics or statistics degree to make some sense out of the data.
Remember – Even if your instinct says that the coming month sale will be double the sale of the last month and you are 110% sure, despite that you need to back up your data with maths to gain trust of your manager, client and most importantly of yourself.
If you are looking forward to make a career in data science, then don’t lose contact with Statistics.
What is data?
It’s really important to understand the definition rather than learning one. Data is any number or character.
For example 51, greatest, batsmen, etc.
What is information?
Information is something which you infer from data.
Example – Sachin Tendulkar has scored 51 ODI centuries and is one of the greatest batsman in the World
Here we took some data points to construct a meaningful sentence
What is knowledge?
Knowledge is the mixture of data and information. It helps you understand information better.
Example – Sachin is one of the best batsman of all times. This is you knowledge from the fact that he has score 51 centuries in ODI
What is Wisdom?
Wisdom is your synthesis. What you understand from data, information and your knowledge.
Example – When India is chasing a large target then ask Sachin to open the innings and when Inidia is batting first on a fast wicket then ask Him to come at number 4. This is wisdom
Knowledge is the accumulation of facts and information. Wisdom is the synthesis of knowledge and experiences into insights that deepen one’s understanding of relationships and the meaning of life. In other words, knowledge is a tool, and wisdom is the craft in which the tool is used.
If you have any questions on this line, then do let us know. And remember Sachin is one of the greatest cricketer of all times
The Data Monk