Course 2, Module 2 Flashcards
Make data-driven decisions
What are 2 ways organizations use data to make better decisions?
- Data-driven decisions - Using facts to guide business strategy.
2 Data-inspired decisions - Same as data-driven decisions but they also consider drawing on comparisons to related concepts, giving weight to feelings and experiences, and considering other qualities that may be more difficult to measure.
What is an algorithm?
A process or set of rules to be followed for a specific task.
What is qualitative data and quantitative data?
Qualitative data - A subjective and explanatory measure of a quality or characteristic.
Quantitative data - A specific and objective measure, such as a number, quantity, or range
What are 2 data presentation tools?
- Reports (e.g. pivot tables) - static collection of data given to stakeholders periodically. It typically contains high-level, historical data that is cleaned and sorted.
- Dashboards - monitors live, incoming data. Benefits include easy access and low maintenance.
metric vs metric goal?
A metric - a single, quantifiable type of data that can be used for measurement.
A metric goal - a measurable goal set by a company and evaluated using metrics.
Small data vs big data?
Small data - Describes a dataset made up of specific metrics over a short, well-defined time period. Usually organized and analyzed in spreadsheets. Simple to collect, store, manage, sort, and visually represent. Can be useful when making day-to-day decisions.
Big data - Describes large, less-specific datasets that cover a long time period. Usually kept in a database and queried. Takes a lot of effort to collect, store, manage, sort, and visually represent
What are the 4 Vs to consider with big data?
Volume - The amount of data
Variety - The different kinds of data
Velocity - How fast the data can be processed
Veracity - The quality and reliability of the data
