Finals M3 Flashcards
____________ includes machine generated data from sensory networks, nuclear plants, scanning devices, consumer driven data from social media
.
Big Data
The science of examining data (text,quantitative, qualitative, etc.)to bring fourth underlying information
.
Analytics
_________ is collected facts and figures
Data
_______ is a collection of computer files that contain information on people, locations, and so on
Database
____________ comes from analyzing data
Information
____________ begins with a data set or commonly with a
database.
Business analytics
As ___________ grow, they need to be stored somewhere.
Databases
A/an _____________ are hardware and software used for data remote storage, retrieval, and computation functions
computer clouds
A collection of databases used for reporting and
data analysis
data warehousing
__________________ examine historical data for similar products
Descriptive Analytics
__________________ predict sales based on price
Predictive Analytics
__________________ find the best sets of pricing and advertising to maximize sales revenue
Prescriptive Analytics
Business analytics represents only a ________________ of the overall problem solving and decision making process.
portion
What are the six steps in the problem solving process
Recognizing the problem
Defining the problem
Structuring the problem
Analyzing the problem
Interpreting results and making a decision
Implementing the solution
It exist when there is a gap between what is
happening and what we think should be happening
Recognizing the Problem
Problem complexity increases when the following occur:
- Large number of courses of action
- Several competing objectives
- External groups are affected
- Problem owner and problem solver are not the same person
- Time constraints exist
Defining the Problem
Stating goals and objectives
Characterizing the possible decisions
Identifying any constraints or restrictions
Structuring the Problem
Identifying and applying appropriate Business Analytics techniques
Typically involves experimentation, statistical analysis, or a solution
process
Analyzing the Problem
Managers interpret the results from the analysis phase.
Incorporate subjective judgment as needed.
Understand limitations and model assumptions.
Make a decision utilizing the above information.
Interpreting Results and Making a Decision
Translate the results of the model back to the real world.
Make the solution work in the organization by providing adequate training and resources
Implementing the Solution
An abstraction or representation of a real system, idea, or object
Model
Can be a written or verbal description, a visual display, a
mathematical formula, or a spreadsheet representation
Models
Managers typically need to know how best to use pricing, coupons and advertising strategies to influence sales
Sales-Promotion Model
Simply tell “what is” and describe
relationships
Descriptive Decision Models
As price increases,
demand falls.
A Linear Demand
Prediction Model
Often incorporate
uncertainty to help managers analyze risk.
Predictive Decision Models
________________________ is imperfect knowledge of what will happen in the future
Uncertainty
help decision makers identify the
best solution.
Prescriptive Decision Models
Finding values of decision variables that
minimize (or maximize) something such as cost (or profit).
Optimization
The equation that minimizes (or maximizes)
the quantity of interest.
Objective function
limitations or restrictions.
Constraints
values of the decision variables at the
minimum (or maximum) point
Optimal solution
____________ is all about exploration, visualization and model
building. Finding the right algorithm is often a process of trial
and error.
Discovery
Steps of Analytics Life Cycle
Data
Discovery
Deployment
