mod 1 Flashcards
Business Analytics
the methodology of extracting information from data to improve a company’s bottom line and enhance the consumer experience.
Descriptive analytics
refers to gathering, organizing, tabulating, and visualizing data to summarize “what has happened?”
Predictive analytics
refers to using historical data to predict “what could happen in the future?”
Prescriptive analytics
refers to using optimization and simulation algorithms to provide advice on “what should we do?”
DMAIC: Define
Define a problem
DMAIC: Measure
Quantify the problem
DMAIC: Analyze
identify the cause of the problem
DMAIC: Improve
implement and verify solution
DMAIC: Control
maintain the solution
population
consists of all items of interest in a statistical problem.
sample
is a subset of the population.
Cross-sectional data
data collected by recording a characteristic of many subjects at the same point in time
three characteristics of big data
Volume, Velocity, and Variety
Volume
immense amount of data compiled for single or multiple sources
Velocity
data generated at a rapid speed, management of data is a critical issue
Variety
all types, forms, granularity, structure or unstructured
Veracity
credibility and quality of the data, reliability
Values
methodological plan for formulating questions, curating the right data, and unlocking hidden potential
categorical
variable assumes names or labels.
numerical
variable assume meaningful numerical values.
numerical discrete variable
assumes a countable number of values.
numerical continuous variable
characterized by uncountable values within an interval.
fixed width format (example of what it looks like)
Name Telepohone Salary
Rich 419-528-0915 160000
Benjamin 203 -991-3608 93000
Delimited format (example of what it looks like)
Name , Telepohone , Salary
Rich , 419-528-0915 , 160000
Benjamin , 203 -991-3608 , 93000
