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Accounting 503 > Chapter 1 - Overview of Business Intelligence, Analytics, and Data Science > Flashcards

Chapter 1 - Overview of Business Intelligence, Analytics, and Data Science Flashcards

1
Q

How is Business Intelligence (BI) defined?

A

An umbrella term that combines architectures, tools, databases, analytical tools, applications, and methodologies.

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2
Q

What are the Four Major Components of a BI System?

A

A data warehouse (DW) with its source data
Business analytics - a collection of tools for the DW
Business Performance Management (BPM)
User Interface (e.g. a Dashboard)

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3
Q

What is OLTP?

A

Online transaction processing. OLTP systems handle a company’s routine ongoing business and are not part of BI

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4
Q

What is OLAP?

A

Online analytical processing. These systems are intended to work with data warehouses for analytical purposes.

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5
Q

What are analytics?

A

The process of developing actionable decisions or recommendations for actions based on insights generated from historical data.

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6
Q

What are the three types of analytics?

A

Descriptive - What happened or what is happening?
Predictive - What will happen? Why will it happen?
Prescriptive - What should happen? Why should that happen?

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7
Q

What is the EEE approach?

A

Exposure, experience, and exploration

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8
Q

How does group communication and collaboration change based on BI, Analytics, and Data Science?

A

Information systems can improve collaboration and enable group members to be in different locations (saving travel costs). Also, supply chain changes can be recognized in real time and adjustments can be made faster.

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9
Q

How does Data Management change based on Data Technology related changes?

A

Systems today can search, store, and transmit needed data quickly, economically, securely, and transparently.

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10
Q

What are the main elements of changing business environments and evolving needs for decision support and analytics? (7)

A

Group communication and collaboration
Improved data management
Managing giant data warehouses and Big Data
Analytical Support
Overcoming cognitive limits in processing and storing info
Knowledge management
Anywhere, anytime support

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11
Q

What are the 5 broad Evolutionary categories of computerized decision support?

A

Decision Support Systems (DSS)
Enterprise/Executive IS
Business Intelligence
Analytics
Big Data

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12
Q

How do ERP’s play into computerized decision support? Are they continued to be valuable?

A

With ERP, all data from the enterprise is collected and integrated into a consistent schema so every part of the org has access to the single version of the truth. They continue to be valuable, though their usefulness has been enhanced by DW and BI.

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13
Q

What is real-time BI?

A

It is instant, on-demand access to dispersed information that helps close the gap between operational data and strategic objectives

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14
Q

What is Big Data Analytics?

A

The process of analyzing the vast amounts of data that cannot be stored in a single storage unit.

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15
Q

What are the 11 different components of the Analytics Ecosystem and their roles? (Outer Petals; 1-3)

A
  1. Data Generation Infrastructure Providers - Companies creating the infrastructure for collecting data from different sources
  2. Data Management Infrastructure Providers - Hardware players that provide the infrastructure for database computing
  3. Data Warehouse Providers - Provide technology and services for integrating data from multiple sources
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16
Q

What are the 11 different components of the Analytics Ecosystem and their roles? (Inner Petals; 7-10)

A
  1. Application Developers - Develop custom solutions for a specific industry.
  2. Analytics Industry Analysts and Influencers - Loose advisors, membership organizations, and analytics ambassadors.
  3. Academic Institutions and Certification Agencies
  4. Regulators & Policy Makers - Responsible for making rules for protecting employees, customers, and shareholders of the analytics organizations.
17
Q

What are the 11 different components of the Analytics Ecosystem and their roles? (Stem; # 11)

A
  1. Analytics User Organizations - Those who explore the use of analytics in their operations.
18
Q

What are the 11 different components of the Analytics Ecosystem and their roles? (Outer petals, 4-6)

A
  1. Middleware Providers - Provide easy-to-use tools for reporting, or descriptive analytics
  2. Data Service Providers - Companies that develop specialized data collection, aggregation, and distribution mechanisms.
  3. Analytics-Focused Software Developers - Companies that have developed analytics software for general use with data

Accounting 503 (7 decks)

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