Module 2.2 - Make data-driven decisions Flashcards
What is an Algorithm?
A process or set of rules followed for a specific task
Algorithms are fundamental in computer science and data analysis.
Define Big data.
Large, complex datasets typically involving long periods of time, which enable data analysts to address far-reaching business problems
Big data often requires specialized tools and techniques for analysis.
What is a Dashboard?
A tool that monitors live, incoming data
Dashboards help visualize key metrics and trends in real-time.
What is Data-inspired decision-making?
The process of exploring different data sources to find out what they have in common
This approach encourages leveraging diverse datasets for insights.
Define Metric.
A single, quantifiable type of data that is used for measurement
Metrics are crucial for assessing performance and outcomes.
What is a Metric goal?
A measurable goal set by a company and evaluated using metrics
Setting metric goals helps organizations track progress toward objectives.
What is a Pivot chart?
A chart created from the fields in a pivot table
Pivot charts provide visual representations of data summarized in pivot tables.
Define Pivot table.
A data summarization tool used to sort, reorganize, group, count, total, or average data
Pivot tables are commonly used in spreadsheet applications.
What are Problem types in data analysis?
The various problems that data analysts encounter, including:
* Categorizing things
* Discovering connections
* Finding patterns
* Identifying themes
* Making predictions
* Spotting something unusual
Different problem types require different analytical approaches.
Define Qualitative data.
A subjective and explanatory measure of a quality or characteristic
Qualitative data often involves descriptions and observations.
What is Quantitative data?
A specific and objective measure, such as a number, quantity, or range
Quantitative data is crucial for statistical analysis.
What is a Report?
A static collection of data periodically given to stakeholders
Reports help communicate findings and support decision-making.
Define Return on investment (ROI).
A formula that uses the metrics of investment and profit to evaluate the success of an investment
ROI is a key performance indicator for assessing business profitability.
What is Revenue?
The total amount of income generated by the sale of goods or services
Revenue is a critical metric for business performance.
Define Small data.
Small, specific data points typically involving a short period of time, which are useful for making day-to-day decisions
Small data is often more manageable and actionable than big data.
