Topic 1: Introduction to Analytics Flashcards
A big data characteristics related to consistency, accuracy, quality, and trustworthiness.
Veracity
The popular representation of the relationships between data, information, knowledge, and wisdom in the data, information, knowledge, wisdom (DIKW)–pyramid.
Knowledge Hierachy
Help a business optimize its performance, perform more efficiently, maximize profit, or make more strategically-guided decisions.
Web Analytics
refers to data that is so large, fast or complex that it’s difficult or impossible to process using traditional methods.
Big Data
The process of parsing historical data to better understand the changes that have occurred in a business.
Descriptive Analytics
Refers to the rate of change and lifetime of data. Organizations need to understand how long a specific type of data is valid.
Volatility
The use of data, statistical algorithms and machine learning techniques to identify the likelihood of future outcomes based on historical data.
Predictive Analytics
The process of analyzing digital data from various sources like websites, mobile applications, among others.
Digital Analytics
The value obtained through the use of analytics.
Insights
The process of using data to determine an optimal course of action.
Prescriptive Analytics
Systematic computational analysis of data
Analytics
Highest awards on TQM
Deming Prize
Deming was referring to the use of data to improve _____ ____
manufacturing quality
Quality Guru
Dr. W. Edwards Deming
Big Data 5 Characteristics (VoVoVeVeVa)
Volume; Volatility;Veracity;Velocity;Variety
