Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Strategic Analytics > Session 1 - Chapter 1 > Flashcards

Session 1 - Chapter 1 Flashcards

1
Q

What is data ?

A

Data = A collection of information

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is a database ?

A

Database = An organized collection of data that firms use for analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is business analytics ?

A

Business analytics = Plan of action designed by a business practitioner to achieve a business objective. The use of data analysis to aid in business decision making

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is predictive analytics ?

A

Predictive analytics = The use of data analysis to designed to form predictions about future, unknown, events or outcomes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is a business strategy ?

A

Business strategy = Plan of action designed by a business practitioner to achieve a business objective

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are the 4 main groupings of data ?

A

The 4 main groupings of data are :

1) Cross-sectional data
2) Pooled cross-sectional data
3) Time-series data
4) Panel data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is cross-sectional data ?

A

Cross-sectional data = Data that provide a snapshot of information at one fixed in time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is time-series data ?

A

Time-series are data that exhibit only variation in time

Ex: Gross Domestic Product per year and per country

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is panel data ?

A

Panel data are same cross-sectional units over multiple points in time.

Ex: When you take the stock of differents companies but you follow it everytime.
Not pooled cross-section because you can find twice the same companies./state.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is a DGP ?

A

DGP = Data Generating Process = The underlying mechanism that produces the pieces of information contained in a dataset.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What are the 4 steps of DGP ?

A

The 4 steps of DGP =

1) Establish both formal and informal DGP
2) Understand what variables are important
3) Create a representative statistical model
4) Collect and analyze relevant variables and perform simple tests

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What are the 3 types of use of data ?

A

3 types of use of data:

1) Querries
2) Pattern discovery
3) Causal inference

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is unstructured data ?

A

Any data that cannot be classified and structured

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is structured data ?

A

Having a clear unit of observation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is the unit of observation ?

A

The Unit of Observation = the entity for which information has been collected

Ex: A stock, a country, a year
Ex: A year -> How much is the stock is by year.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is a pooled cross-sectional data ?

A

The results of two or more unrelated cross-sectional datasets being combined in one dataset.

Ex: Sensus of the population

17
Q

How can you define the units of observation ?

A

To define the units of observation, it’s the data which you can answer the questions who, where, what.

18
Q

Can you give an example of censored data ?

A

Ex: Salaries per age, oldery people have the highest wages, so the data is censored.

19
Q

What is a Query ?

A

Any request for information from a database

Ex: The sale of

20
Q

What is a pattern discovery ?

A

How to discover a pattern between two data.

Ex: Older people have highest wages.

21
Q

What is a causal inference ?

A

Directly if X changes variable Y changes.

Indirect -> X variables Z which changes Y.

22
Q

What are the 3 types of presentation of the information ?

A

3 types of presentation of information :

1) Reports
2) Scorecards
3) Dashboards

23
Q

Ex report

A

A snapshot of the variation of sales of different types of vehicules per month

24
Q

Ex Dashboard

A

We have sales, more agregateed. ???????

25
Q

Ex Scorecard for automobile firm

A

You ???,,,,

26
Q

Report

A

Report don’t give you a trend for different indicators

27
Q

Give an example of pattern discovery

A

Pattern discovery (ex: Amazon “People who buy this , also buy this and that.”

28
Q

What is a lead information ?

A

an information which give an information about the future

29
Q

What is a lack information ?

A

Lack information is a information which give an information about the past or the present.

30
Q

What Passive prediction ?

A

You build a model based on past data.

31
Q

What is an active prediction ?

A

Experimentations - We have relationship between “X” and “Y”.

32
Q

What is the difference between informal and formal DGP ?

A

list the variables - formal - follow step-a process (experimentation or research)

base on the knowledge of the analyst - informal - (not in a scientific process )

Strategic Analytics (7 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions