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Abdulhamid > Information Literacy > Flashcards

Information Literacy Flashcards

1
Q

What is business analytics?

A

Scientific process of transforming data into insight for making better decisions

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2
Q

What is data-driven decision making?

A

A decision-making process that relies on data and facts rather than intuition or personal experience

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3
Q

List the tools of business analytics that aid decision making

A
  • Creating insights from data
  • Improving forecasting for planning
  • Helping quantify risk
  • Yielding better alternatives through analysis and optimization
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4
Q

What are the three main types of analytics?

A
  • Descriptive Analytics
  • Predictive Analytics
  • Prescriptive Analytics
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5
Q

Define descriptive analytics

A

Encompasses techniques that describe what has happened in the past

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6
Q

Provide examples of descriptive analytics techniques

A
  • Data queries
  • Reports
  • Descriptive statistics
  • Data visualization
  • Data-mining techniques
  • Basic what-if spreadsheet models
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7
Q

What is a data query?

A

A request for information with certain characteristics from a database

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8
Q

What are data dashboards?

A

Collections of tables, charts, maps, and summary statistics updated as new data become available

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9
Q

What is the purpose of data dashboards?

A
  • Help management monitor specific aspects of performance
  • Summarize sales, inventory levels, and other metrics for corporate-level managers
  • Provide metrics related to staffing and sales forecasts for front-line managers
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10
Q

Define data mining

A

The use of analytical techniques for better understanding patterns and relationships in large data sets

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11
Q

Define predictive analytics

A

Techniques that use models constructed from past data to predict the future or ascertain the impact of one variable on another

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12
Q

List techniques used in predictive analytics

A
  • Linear regression
  • Time series analysis
  • Data mining
  • Simulation
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13
Q

What is simulation in predictive analytics?

A

The use of probability and statistics to construct a computer model to study the impact of uncertainty on a decision

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14
Q

Define prescriptive analytics

A

Indicates a best course of action to take based on forecasts or predictions combined with rules

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15
Q

What is decision analysis?

A

Used to develop an optimal strategy when faced with several decision alternatives and uncertain future events

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16
Q

What does utility theory do in decision analysis?

A

Assigns values to outcomes based on the decision maker’s attitude toward risk, loss, and other factors

17
Q

Define big data

A

Any set of data that is too large or complex to be handled by standard data-processing techniques

18
Q

What are the four Vs of big data?

A
  • Volume
  • Velocity
  • Variety
  • Veracity
19
Q

What does ‘volume’ refer to in big data?

A

The amount of data collected electronically leading to vast quantities of data

20
Q

What is ‘velocity’ in the context of big data?

A

Real-time capture and analysis of data presenting challenges in storage and speed of analysis

21
Q

What does ‘variety’ mean in big data?

A

The different types of data available, including text, audio, and video data

22
Q

Define ‘veracity’ in big data.

A

The degree of uncertainty in the data

23
Q

What is Hadoop?

A

An open-source programming environment that supports big data processing through distributed storage and processing

24
Q

What is MapReduce?

A

A programming model used within Hadoop that performs mapping and reducing steps

25
Q

Why is data security important in big data?

A

To protect stored data from destructive forces or unauthorized users

26
Q

What is a data scientist?

A

A professional who knows how to process and analyze massive amounts of data

27
Q

Define the Internet of Things (IoT).

A

Technology that allows data collected from sensors to be sent over the Internet for storage and analysis

28
Q

What are some applications of business analytics?

A
  • Financial Analytics
  • Human Resource (HR) Analytics
  • Marketing Analytics
  • Health Care Analytics
  • Supply-Chain Analytics
  • Analytics for Government and Nonprofits
  • Sports Analytics
  • Web Analytics
29
Q

What is the role of predictive models in financial analytics?

A
  • Forecast financial performance
  • Assess investment risk
  • Construct financial instruments
  • Allocate assets
30
Q

How does marketing analytics enhance consumer behavior understanding?

A
  • Better use of advertising budgets
  • More effective pricing strategies
  • Improved forecasting of demand
  • Increased customer satisfaction
31
Q

What is the focus of health care analytics?

A

Improving scheduling, patient flow, purchasing, and inventory control

32
Q

What is the core service of companies like UPS and FedEx regarding analytics?

A

Efficient delivery of goods through optimal sorting, scheduling, and routing

33
Q

What is the purpose of analytics for government and nonprofits?

A

To drive out inefficiencies and increase effectiveness and accountability

34
Q

What does web analytics analyze?

A

Online activity including visits to websites and social media sites

35
Q

True or False: Predictive and prescriptive analytics are sometimes referred to as advanced analytics.

A

True

Abdulhamid (2 decks)

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