Chap 1 Flashcards
analytics ecosystem
A classification of sectors, technology/ solution providers, and industry participants for analytics.
artificial intelligence (AI)
Behavior by a machine that, if performed by a human being, would be called intelligent.
Big Data
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.
business intelligence (BI)
A conceptual framework for managerial decision support. It combines architecture, databases (or data warehouses), analytical tools, and applications.
choice phase
A phase where the actual decision and the commitment to follow a certain course of action are made.
data mining
A process that uses statistical, mathematical, artificial intelligence, and machine-learning techniques to extract and identify useful information and subsequent knowledge from large databases.
decision or normative analytics
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.
descriptive (or reporting) analytics
An earlier phase in analytics continuum that deals with describing the data answering the questions of what happened and why did it happen.
design phase
This phase involves inventing, developing, and analyzing possible courses of action.
implementation phase
A phase that involves putting a recommended solution to work, not necessarily implementing a computer system
intelligence phase
A phase where the decision maker examines reality and identifies and defines the problem.
intelligent agent
An autonomous, small computer program that acts upon changing environments as directed by stored knowledge.
narrow (weak) AI
A form of AI specifically designed to be focused on a narrow task and to seem very intelligent at it.
online analytical processing (OLAP)
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.
online transaction processing (OLTP)
A transaction system that is primarily responsible for capturing and storing data related to day-to-day business functions.
predictive analysis
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.
prescriptive analytics
A branch of business analytics that deals with finding the best possible solution alternative for a given problem.
strong (general) AI
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.
