For test Flashcards
What is data?
Autonomous facts, unliked with no meaning
What is information?
Set of processed data (organizes and contextualizes) in a format to be useful for its users.
what is knowledge?
Information interpreted dynamically and spontaneously based on experience. Created to act or decide in a given situation.
What is wisdom?
Accumulated knowledge of life or sphere of activity that is gained through experience. Ability to make sound decisions without thought.
What are information systems?
manual or technological systems that collects data, stores them and transforms them into information.
What are information technologies?
Components of information systems (software, hardware, networks)
What is strategy?
a future perspective of an organisation based on smart goals. Requires definition of strategic and tactical actions and resource allocation.
What is information strategy?
Strategic approach applied to the information desired by organization.
What does it take to build the information strategy? (3)
- Requires identification of information needs close to the different types of users
- Definition of the way information should be organized or presented
- Adequacy of the tech infrastructure and information systems to make knowledge creation easier.
What is business intelligence?
Process of collecting, storing and analysing data from business operations.
What does business intelligence provide?
Provides comprehensive business metrics, in real time to support better decision making
What is the main focus and the scope of business intelligence?
Descriptive statistics
What and How
What is Business analytics?
Practice of using company’s data to anticipate trends and outcomes.
What does Business analytics provide?
Data mining, statistical analysis and predictive modeling that help make more informed decisions
What is the main focus and scope of business analytics?
Predictive analytics
Why
In a real life example, you sell homemade jewerly at an online store. What does Business Intelligence provide?
provides helpful reports of past and current state of business.
In a real life example, you sell homemade jewelry at an online store. What does Business Analytics provide?
it asks why did the sales of product X spike in country Y. It further mines your website data to learn where majority of traffic comes from.
What is the difference between Business intelligence and Business analytics?
BI is descriptive, the whats, while BA is diagnostic, predictive, the why and what will occur.
What are activities involved with business intelligence?
- Reporting
- Automated monitoring
- Dashboard
- Scorecards
- Ad hoc query
What are activities involved with business analytics?
- Statistical/quantitative analysis
- Data mining
- Text mining
- Predictive modelling
- Multivariate testing
- Forecasting
- Optimizations techniques
What is the utility perspective over the generated data? (4)
- Who will use the information generated?
- Are we sending the right info to the right user?
- Are we presenting the information in the right format?
- How can we improve?
What are BI systems?
Organizational information systems, aiming to provide information for knowledgeable business decision making.
What is BI architecture?
The structure and components of a BI system.
What systems provide data (BI inputs) to the BI system?
- Operational/Transactional source systems
- Other internal or external source systems.
What are examples of Operational/Transactional source systems? (1)
Users create data to register daily transactions to be used for BI purposes
What are examples of other internal or external source systems? (5)
- Distributors
- Advertisers
- Web-logs
- Research firms
- Social netowrks
- Machine generated data
In the processing stage, what does BI systems help analyzing?
Summary master data relevant for the whole organization combining data from multiple source systems in an approach called ETL (Extract, transfer, load)
ETL, together with data modelling tools and master data management (MDM) compose what?
The enterprise information management systems (EIM) (former name of BI systems)
In the storage phase of BI systems, what happens there?
storage of integrated BI data (summary of master data by month, quarter, grouping is kept in a database
What happens in the outputs phase of BI systems?
Front-end components made of modules (distinct set of capabilities), aiming to provide the right tool for the right user.
What does a data scientist do? (5)
- They prepare data for use by others
- Database design
- Data framework
- Work with unstructured and big data
- Computer/data science and statistics
What does a data analyst do? (5)
- Data analysis
- May do data mining and machine learning
- Analytical problem solving
- creative thinking
- may work with unstructured & big data
What does a business analyst do? (6)
- Business analysis skills
- strong communication skills
- analytical problem solving
- enable decision making
- reports & analysis
- Business.
What does a data engineer do? (2)
- Build data pipelines and warehouse
- Manage scalability of data products
What are the steps for stakeholder needs regarding BI systems?
- Perform a stakeholder assessment
- Consider motivating factors for stakeholders
- Set up a schedule and process
- identify allies and adversaries
- Carry out your plan and adjust accordingly.
What is a stakeholder assessment? (defninition, and list at least 3 stakeholder)
identifying all stakeholders that you will interact with.
- Chief technology officer
- IT administrators
- DBAs tasking with managing related databases
- Business process analysts
- Business end users
What is one of the most common reasons for BI project failure?
- lack of communication with a range of stakeholders
- not everyone is easily convinced that business intelligence is the right initiative.
What is big data?
A field that treats ways to analyze, systematically extract information from, and deal with data sets that are too large or complex to be dealt with by traditional data-processing application software.
What is Artificial intelligence (AI)
Is intelligence demonstrated by machines, unlike the natural intelligence displayed by humans and animals, which involves consciousness and emotionality.
What is Generative AI (GenAI)?
A subset of artificial intelligence that uses generative models to produce text, image, videos or other forms of data
What are the phases that transforms artificial intelligence to generative ai?
- Artificial intelligence
- Machine learning
- Deep learning
- Generative AI
What is power BI?
A collection of software services, apps and connectors that work together to turn unrelated data sources into coherent, interactive insights.
How is power BI used? (6)
- Data visualization
- Data integration
- Business intelligence
- collaboration and sharing
- financial analysis
- marketing sales
