Introduction Flashcards
define revenue management
changing prices based on forecasting
define descriptive analytics
describing past behavior via queries, reports
define data mining
analyzing patterns in large data sets
define predictive analytics
using past data to predict the future
define simulation
probability and stats to construct a model
define prescriptive analytics
uses a rule to make a decision from forecasts
define optimization models
uses historical data to manage risk
define utility theory
assigns values to decision options for easier decision making
4 V’s of big data
volume, velocity, variety, veracity. a.k.a. amount, speed, types, uncertainty
popular big data handler
hadoop
what can predictive and prescriptive analytics also known as
advanced analytics
Define Marketing analytics
Analyzing consumer behavior
define variance
difference in measured over observed
define random variable
those variables outside of control
define population
all data of interest
define sample
A subset of data in interest
define quantitative data
numeric, arithmetic operations
define categorical data
cannot have arithmetic performed on it
define cross sectional data
data from same point in time
define time series
data from multiple time periods
Manipulating data
formatting data, filtering, sorting
define distribution
summarize characteristics of data
excel function for frequency of words
countif
what is relative frequency
frequency count/total count
frequency function in excel
frequency
how to return an array of values
ctrl+shift+enter
geometric mean: how and when used
Multiply together and square root by nth. used for financial data growth rate
