Lecture 1 Flashcards
What does EEE stand for?
Exposure, Experience, Exploration
Entire industry can employ analytics to?
Develop reports on what is happening
Predict what is likely to happen
Make decisions to make the best use of the situation at hand
Computer applications have moved from transaction processing and monitoring activities to?
Problem analysis and solution applications
Changing Business Environments and Evolving Needs for Decision Support and Analytics?
Increased hardware, software , and network capabilities
Group Communication and collaboration
Improved data management
Managing giant data warehouses and Big Data
Analytical support
Framework for Business Intelligence?
DSS -> EIS -> BI
Definition of Business Intelligence?
Descriptive analytics tools and techniques
OLTP?
Online Transaction Processing
Online Transaction Processing
Operational databases
ERP, SCM, CRM
Goal: data capture
OLAP?
Online Analytical Processing
Online Analytical Processing?
Data warehouses
Goal: decision support
Definition of analytics?
The process of developing actionable decisions or recommendations for actions based on insights generated from historical data
Descriptive Analytics?
- Descriptive or reporting analytics
- Answering the question of what happened
- Retrospective analysis of historic data
- Enablers
What are Enablers in Descriptive Analytics?
OLAP / DW
Data visualization
Descriptive statistics
Predictive Analytics?
Aims to determine what is likely to happen in the future
Looking at the past data to predict the future
Enablers
What are Enablers in Predictive Analytics?
Data mining
Text mining
Forecasting
Prescriptive Analytics?
Aims to determine the best possible decision
Uses both descriptive and predictive to create the alternatives, and then determines the best one
Has enablers
Enablers of Prescriptive Analytics?
Optimization
Simulation
Multi-Criteria Decision Modelling
Heuristic Programming
What is Big Data?
Big Data is that cannot be stored or processed easily using traditional tools/means
What does Big Data refer to?
Data that comes in many different forms: large, structured, unstructured, continouos
3Vs?
Volume
Variety
Velocity
Data is worthless if?
It does not provide business value
What does ETL stand for?
Extract, Transform, Load
three database functions that are combined into one tool to pull data out of one database and place it into another database
What is data warehouse?
Collection of integrated subject-oriented databases designed to support Decision Support System functions
What is multidimensional database?
Type of database that is optimized for data warehouse and online analytical processing applications
What is Data Mining?
Supports knowledge discovery by finding hidden patterns and associations, constructing analytical models, performing classification and prediction
What is Business Intelligence? (BI)
Technology driven process for analyzing data and presenting actionable information
