Discover Data Analysis Flashcards
What is data analysis?
Data analysis is the process of identifying, cleaning, transforming, and modeling data to discover meaningful and useful information, supporting critical decision-making
What are the core components of analytics?
The core components are Descriptive, Diagnostic, Predictive, Prescriptive, and Cognitive analytics.
What is Descriptive Analytics?
Descriptive analytics summarize historical data to describe outcomes to stakeholders, often through metrics like KPIs and ROI.
What’s an example of descriptive analytics?
Generating reports to provide a view of an organization’s sales and financial data.
What is Diagnostic Analytics?*
Diagnostic analytics answer questions about why events happened, using findings from descriptive analytics to discover causes of these events.
What are the steps in Diagnostic Analytics?
- Identify anomalies in the data.
- Collect related data.
- Use statistical techniques to explain anomalies.
What is Predictive Analytics?
Predictive analytics answer questions about what will happen in the future using historical data to identify trends and determine their likelihood to recur.
What techniques are used in Predictive Analytics?
Techniques include statistical methods and machine learning such as neural networks, decision trees, and regression.
What is Prescriptive Analytics?
Prescriptive analytics answer questions about which actions to take to achieve a goal, helping organizations make data-driven decisions in the face of uncertainty.
How does Prescriptive Analytics work?
It uses machine learning to find patterns in large datasets and estimates the likelihood of different outcomes based on past decisions and events.
What is Cognitive Analytics?
Cognitive analytics draw inferences from data, derive conclusions, and add findings back into the knowledge base for future inferences, creating a self-learning feedback loop.
How does Cognitive Analytics differ from other types?
It relies on unstructured hypotheses and natural language processing to make sense of data from sources like call center logs and product reviews.
What role does a Data Analyst play?
A data analyst organizes information, gathers the right data, and makes sense of it to help businesses understand and use their data effectively.
