Module 1 Flashcards
Fundamental building blocks in making decisions. structured discrete entities (facts) that exists outside of particular context.
Data
Data that is interpreted within
a given context and given
meaningful structure within
that context.
Information
Information from various
contexts that is aggregated
following a defined set of
rules, and provides the basis
for informed actions.
Knowledge
Study of Data to Extract
meaningful insights for businesses and
other domains
Data Science
Multidisciplinary approach that combines
principles and practices from different
fields
Data Science
Examining unprocessed
databases to draw meaningful and
actionable inferences about the content
they contain
Data Analytics
What are the 4 major types of Data Analytics
Descriptive Analytics, Predictive Analytics, Prescriptive Analytics and Diagnostic Analytics
is the examination of data or content to answer the question “what happened?” It involves the exploration of data to understand the composition, distribution, and summary statistics of a data set.
Descriptive Analytics
This tells us what happened in the past. It allows us to look at a summary of what has already occurred, using charts or graphs.
Descriptive Analytics
the use of data, statistical algorithms, a machine learning techniques to identify the likelihood of future outcomes based on historical data.
Predictive Analytics
___predicts what might happen in the future based on past data. It’s like using patterns from the past to make educated guesses about what might come next.
Predictive Analytics
___is the process of recommending actions to
optimize future outcomes based on predictive models and
business rules.
Prescriptive Analytics
____suggests actions you can take to achieve a
desired outcome in the future. It allows us travel rate what steps to take to get the best results based on predictions and goals.
Prescriptive Analytics
__focuses on identifying the reasons why certain events occurred it involves the analysis of data to
determine the root causes of outcomes or events. ___ aims to uncover patterns, correlations, and
relationships within data that explain past performance or
events.
Diagnostic Analytics
___ helps us understand why things happened
in the past it allows us to investigate the causes behind certain events or outcomes.
Diagnostic analytics
Why do we do Data Analysis?
Informed decision making, Problem solving, Risk management , Optimizing operations, Competitive advantage
2.5 Quintillion bytes of data created each day.
true
____the other hand, consists of non-numerical descriptions or characteristics. It is typically descriptive and subjective in nature, providing insights into attitudes, opinions, and behaviors.
Qualitative Data
or Descriptive Data
consists of categories with no
inherent order or ranking. Examples
include gender, ethnicity, and product
categories.
Nominal data
also consists of categories, but
these categories have a meaningful order or
ranking. Examples include educational
attainment (e.g., high school, bachelor’s
degree, master’s degree) and survey ratings
(e.g., “poor,” “fair,” “good,” “excellent”).
Ordinal data
consists of numerical measurements or quantities that can be subjected to mathematical analysis
Quantitative Data
or Numerical Data
can only take specific, distinct values and
cannot be measured with infinite precision.
Examples include the number of children in
a family, the number of items sold, and the
results of a dice roll.
Discrete
___ can take any value within
a given range and can be measured with
infinite precision. Examples include height,
temperature, and time.
Continuous data
