Chap 1

Question 1

analytics ecosystem

Answer 1

A classification of sectors, technology/ solution providers, and industry participants for analytics.

Question 2

artificial intelligence (AI)

Answer 2

Behavior by a machine that, if performed by a human being, would be called intelligent.

Question 3

Big Data

Answer 3

Data that are characterized by the volume, variety, and velocity that exceed the reach of commonly used hardware environments and/or capabilities of software tools to process.

Question 4

business intelligence (BI)

Answer 4

A conceptual framework for managerial decision support. It combines architecture, databases (or data warehouses), analytical tools, and applications.

Question 5

choice phase

Answer 5

A phase where the actual decision and the commitment to follow a certain course of action are made.

Question 6

data mining

Answer 6

A process that uses statistical, mathematical, artificial intelligence, and machine-learning techniques to extract and identify useful information and subsequent knowledge from large databases.

Question 7

decision or normative analytics

Answer 7

Also called prescriptive analytics, this is a type of analytics modeling that aims at identifying the best possible decision from a large set of alternatives.

Question 8

descriptive (or reporting) analytics

Answer 8

An earlier phase in analytics continuum that deals with describing the data answering the questions of what happened and why did it happen.

Question 9

design phase

Answer 9

This phase involves inventing, developing, and analyzing possible courses of action.

Question 10

implementation phase

Answer 10

A phase that involves putting a recommended solution to work, not necessarily implementing a computer system

Question 11

intelligence phase

Answer 11

A phase where the decision maker examines reality and identifies and defines the problem.

Question 12

intelligent agent

Answer 12

An autonomous, small computer program that acts upon changing environments as directed by stored knowledge.

Question 13

narrow (weak) AI

Answer 13

A form of AI specifically designed to be focused on a narrow task and to seem very intelligent at it.

Question 14

online analytical processing (OLAP)

Answer 14

An information system that enables the user, while at a PC, to query the system, conduct an analysis, and so on. The result is generated in seconds.

Question 15

online transaction processing (OLTP)

Answer 15

A transaction system that is primarily responsible for capturing and storing data related to day-to-day business functions.

Question 16

predictive analysis

Answer 16

Use of tools that help determine the probable future outcome for an event or the likelihood of a situation occurring. These tools also identify relationships and patterns.

Question 17

prescriptive analytics

Answer 17

A branch of business analytics that deals with finding the best possible solution alternative for a given problem.

Question 18

strong (general) AI

Answer 18

A form of AI capable of all and any cognitive functions that a human may have and is in essence no different from a real human mind.