Data 101: The Fundamentals of Data Science

Data is an organization's most valuable asset, providing insights into customer behavior, market trends, and product performance. It can be classified based on value (quantitative or qualitative), velocity, structure, sensitivity, and other characteristics. The Theory of Information considers everything as data, including physical objects and abstract concepts with symbolic representation. Data is transformed into information through analysis, which forms the basis for decision-making processes and wisdom. The DIKW model highlights the relationship between data, information, knowledge, and wisdom. Over time, five main characteristics of data have been identified: Volume, Velocity, Variety, Value, and Veracity. Additionally, Variability and Volatility are two more Vs that can significantly affect the insights generated from data.