Lecture 1

Question 1

What does EEE stand for?

Answer 1

Exposure, Experience, Exploration

Question 2

Entire industry can employ analytics to?

Answer 2

Develop reports on what is happening
Predict what is likely to happen
Make decisions to make the best use of the situation at hand

Question 3

Computer applications have moved from transaction processing and monitoring activities to?

Answer 3

Problem analysis and solution applications

Question 4

Changing Business Environments and Evolving Needs for Decision Support and Analytics?

Answer 4

Increased hardware, software , and network capabilities
Group Communication and collaboration
Improved data management
Managing giant data warehouses and Big Data
Analytical support

Question 5

Framework for Business Intelligence?

Answer 5

DSS -> EIS -> BI

Question 6

Definition of Business Intelligence?

Answer 6

Descriptive analytics tools and techniques

Question 7

OLTP?

Answer 7

Online Transaction Processing

Question 8

Online Transaction Processing

Answer 8

Operational databases
ERP, SCM, CRM
Goal: data capture

Question 9

OLAP?

Answer 9

Online Analytical Processing

Question 10

Online Analytical Processing?

Answer 10

Data warehouses

Goal: decision support

Question 11

Definition of analytics?

Answer 11

The process of developing actionable decisions or recommendations for actions based on insights generated from historical data

Question 12

Descriptive Analytics?

Answer 12

• Descriptive or reporting analytics
• Answering the question of what happened
• Retrospective analysis of historic data
• Enablers

Question 13

What are Enablers in Descriptive Analytics?

Answer 13

OLAP / DW
Data visualization
Descriptive statistics

Question 14

Predictive Analytics?

Answer 14

Aims to determine what is likely to happen in the future
Looking at the past data to predict the future
Enablers

Question 15

What are Enablers in Predictive Analytics?

Answer 15

Data mining
Text mining
Forecasting

Question 16

Prescriptive Analytics?

Answer 16

Aims to determine the best possible decision
Uses both descriptive and predictive to create the alternatives, and then determines the best one
Has enablers

Question 17

Enablers of Prescriptive Analytics?

Answer 17

Optimization
Simulation
Multi-Criteria Decision Modelling
Heuristic Programming

Question 18

What is Big Data?

Answer 18

Big Data is that cannot be stored or processed easily using traditional tools/means

Question 19

What does Big Data refer to?

Answer 19

Data that comes in many different forms: large, structured, unstructured, continouos

Question 20

3Vs?

Answer 20

Volume
Variety
Velocity

Question 21

Data is worthless if?

Answer 21

It does not provide business value

Question 22

What does ETL stand for?

Answer 22

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

Question 23

What is data warehouse?

Answer 23

Collection of integrated subject-oriented databases designed to support Decision Support System functions

Question 24

What is multidimensional database?

Answer 24

Type of database that is optimized for data warehouse and online analytical processing applications

Question 25

What is Data Mining?

Answer 25

Supports knowledge discovery by finding hidden patterns and associations, constructing analytical models, performing classification and prediction

Question 26

What is Business Intelligence? (BI)

Answer 26

Technology driven process for analyzing data and presenting actionable information