Business Intelligence - P2

Question 1

What is business intelligence?

Answer 1

Technical architecture of systems that extract, assemble, store and access data to provide reports and analysis
Reporting and analysis applications or performance management tools associated with architecture.

Question 2

What are the advantages of BI?

Answer 2

Provide accountants with a wider range of information in more accessible formats
Provide more forward-looking analysis
Improves decision making
Make it easier for the board to investigate and study the activities of decision makers
Encourage a more participative style of leadership

Question 3

What is structured data?

Answer 3

Data contained within a field in a data record or file e.g. databases, data warehouses

Question 4

What is unstructured data?

Answer 4

Data that is not easily contained e.g. photos, videos, webpages

Question 5

What is data analytics?

Answer 5

Process of collecting, organising and analysis large sets of data to generate trends

Question 6

What is data mining?

Answer 6

Identify patterns and relationships within a data set