AFM 112 - Chp. 2 Flashcards
Why are business decisions relying more on data analytics
the economic environment is getting more challenging due to emerging tech + globalization. using data is more reliable then using their gut to make informed decisions.
What’s another term to say business/data analytics
business intelligence
Who coined the term Business intelligence and when
coined by Richard Miller Deven’s book “cyclopedia of Commercial + Business anecdotes” in 1865.
How is location aware devices used as a data collector?
these devices can detect their own position + orientation. this allows them to collect + transmit data about their location/movement/activity to other systems/apps.
Why do data analysts use location aware devices to gather data?
to gain insight into various aspects of human behaviour - mobility patterns, social interactions, health status, or environmental preferences.
What collected data can location aware devices reveal? in a business setting
data collected form your cell phone can be used real-time to reveal the # of people visiting a coffeehouse/store
Describe a situation where data collected from location aware devices for a coffeeshop can assist an investor to make an informed decision
investor can use the traffic data to evaluate whether the revenues reported by the current owner of the coffeeshop area reasonable.
define text analysis
analysis we do based on text
what type of analysis is text analysis
sentiment analysis
why is sentiment analysis important? please relate to a business setting.
informs the firm of their consumers opinions on their product. revenue can be relying on the consumers sentiment. which effects their investors into selling or keeping their stock based on revenue/profit.
please describe a situation of text analysis
text analysis on the adoption of blockchain by companies
Define Point of sales system
a system that captures all sales transactions generated by a company + organizes the data into database files.
please describe how the owner of a restaurant can use the sales receipts
- track revenue and expenses of the business
- analyze customer preferences + satisfaction
- identify best/worst selling items
- adjust menu prices + promotions accordingly
- manage inventory + ordering of supplies
define a variable in data analysis
contains information related toa specific element/feature.
define the value of the variable/data point
specific entry corresponding to a point on the data set
