COURSE PACKET 5 Flashcards
a collection of data files that contain information on people, locations, and
so on
Database
a simple collection of data or a data file
Data Set
a collection of databases used for reporting and data analysis
data warehousing
hardware and software used for data remote
storage, retrieval, and computational functions
computer clouds
_____ can be defined as a process that involves the use of statistical techniques (measures of central tendency, graphs, and so on), information system software (data mining, sorting routines), and operations research methodologies (linear programming -mathematical programming) to explore, visualize, discover and communicate patterns or trends in data.
Analytics
____ is an older term
commonly applied to all disciplines, not just business.
Analytics
a process beginning with business-related data collection and consisting of sequential application of descriptive, predictive, and prescriptive major analytic components, the outcome of which supports and demonstrates business decision-making and organizational performance
Business analytics (BA)
To identify possible trends in large data sets or databases.
Descriptive
To build predictive models designed to identify and predict future trends.
Seek to find patterns and trends within historical data to provide useful information that can aid decision makers
Predictive
To allocate resources optimally to take advantage of
predicted trends or future opportunities
Seek to find the best solution given multiple what if scenarios
predictive
Explain the BI and BA
Business intelligence (BI) can be defined as a set of
processes and technologies that convert data into meaningful and useful information for business purposes.
BI is focused on querying and reporting, but it can
include reported information from a BA analysis.
BI seeks to answer questions such as what is
happening now and where, and also what business actions are needed based on prior experience.
BA, on the other hand, can answer questions like why something is happening, what new trends may exist, what will happen next, and what is the best course for the future.
BA includes reporting results like BI but seeks to
explain why the results occur based on the analysis rather than just reporting and storing the results, as is the case with BI.
BI and BA
Business Intelligence(BI) refers to computer-based techniques used in spotting, digging out and analyzing business data
can generally answer: what happened; how many,
how often, where; exactly the problem; what actions are needed.
Business Analytics(BA) refers to the skills technologies, applications and practices for continuous iterative exploration and investigation of past business performance to gain insight and drive business planning.
can generally answer: why is this happening; what will happen if these trend continue, and what is the optimal outcome.
a conceptual structure which talks more about the utilization of knowledge, process techniques, a critical analysis which helps in getting on the required business requirements.
The Business Analytics Framework
Tools that extract data from all source system , transform them into a unified template and loads it into a Data Ware house for storage
The goal of data integration is to gather data from different sources, combine it and present it in such a way that it appears to be a unified whole
Data Integration
Large Database that stores transformed and cleaned data as input to various Business Analytics Applications.
Data warehouse
