Chapter 1 Flashcards
Analytics
the process of developing actionable decisions or recommendations for actions based on insights generated from historical data
Analytics Ecosystem
classification of sectors, technology/solution providers, and industry participants for analytics (analytics flower centered on user organizations)
Artificial Intelligence
behavior by a machine that, if performed by a human being, would be called intelligent
Augmented Intelligence
an alternative conceptualization of artificial intelligence that focuses on AI’s assistive role, emphasizing the fact that it is designed to enhance human intelligence rather than replace it
Big Data Analytics
application of analytics methods and tools to Big Data
Business Intelligence (BI)
a conceptual framework for managerial decision support. It combines architecture, databases (or data warehouses), analytical tools, and applications
Choice Phase
Simon’s 3 of 4
Solution to the model
Sensitivity analysis
Selection to the best (good)
alternative(s)
Plan for implementation
Verification, Testing of the Proposed Solution
Dashboard
a visual presentation of critical data for executives to view. It allows executives to see hot spots in seconds
and explore the situation
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
this is a type of analytics modeling that aims at
identifying the best possible decision from a large set of alternatives (prescriptive analytics)
Design Phase
Simon’s 2 of 4
Formulate a model
Set criteria for choice
Search for alternatives
Predict and measure outcomes
Validation of Model
Implementation Phase
Simon’s 4 of 4
the phase that involves putting a
recommended solution to work, not necessarily implementing a computer system
involves collecting and analyzing data to learn from the previous decisions and improve the next decision.
Intelligence Phase
Simon’s 1 of 4
Organization objectives
Search and scanning procedures
Data collection
Problem identification
Problem ownership
Problem classification
Problem statement
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 Analytics
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
the goal here is to provide a decision or a recommendation for a specific action
Structured Problem
a decision situation where a specific set of steps can be followed to make a straightforward decision
Semistructured Problem
a category of decision problems
where the decision process has some structure to it but still requires subjective analysis and an iterative approach
Unstructured Problem
a decision setting where the steps
are not entirely fixed or structured, but may require subjective considerations
Operational Control
the efficient and effective execution of specific tasks
Managerial Control
acquisition and efficient use of resources in the accomplishment of organizational goals
Strategic Planning
involves defining long-range goals and policies for resource allocation;
