Week 1 Intro to Decision making and Analytics Flashcards
-Recognize what this unit is, and is not, about -Describe the definition of decision making -Explain the importance of decision making -Describe the definition of Analytics -Explain how analytics and decision making interconnect
What does ERD stand for?
Entity Relationship Diagram
What tool do you use for Database design?
online ERD tools
What tool do you use for Data Visualization?
Tableau
What has caused an increasing demand of data analytics?
web 3.0
since 2010 social media made everyone a data administrator
What is the definition of Business analytics (BA)?
a set of disciplines and technologies for solving business problems using:
-data analysis
-statistical models
-other quantitative methods
What are the potential business problems?
-Production of products and services (Add value!)
-Division of labour, dealing with complexity
-Collaboration of individuals to achieve a greater goal
-Governance and control
-Efficient allocation of resources (input / output)
-Effectiveness (Do the right things > value/quality)
-Efficiency (Do the things right > cost)
-Make a profit!
What is involved with Data analysis?
-planning
-data processing
-modeling
-follow up
What are examples of statistical models?
-regression model
-line graph
What are examples of quantitative methods?
-SQL
-Tableau
-Excel
What are the 3 levels of Business Analytics?
-descriptive
-predictive
-prescriptive
What is descriptive analytics?
reporting analytics that is retrospective of historic data
What question does descriptive analytics answer?
what happened?
What are the 3 enablers of descriptive analytics?
-descriptive statistics
-data warehouse
-data visualization
What is predictive analytics?
looking at past data to predict the future
What are predictive analytics enablers?
-forecasting
-data mining
-text mining/ web mining
What is prescriptive anlaytics?
uses both descriptive and predictive to create the alternatives,
and then determines the best one
What are prescriptive analytics enablers?
-optimization
-simulation
-multi-criteria decision modelling
-programming
What are the 5 fundamental components of an information system (IS)?
- Computer hardware
- Software
- Data
- Procedures
- People
How does IS differ from Information Technology (IT)?
IT only includes raw tech such as:
-hardware
-software
-data
hence, IT+people+procedures= IS
What is involved in the scientific approach to managerial decision making?
-development of a (mathematical) model of a real-world scenario
-model provides insight into the solution of the managerial problem
-decision-making process is not affected by personal bias etc
-commonly referred to as quantitative analysis, management science, or operations
research
What are the steps involved in modelling?
- formulation
- solution
- interpretation and sensitivity analysis
What does data analytics mean?
-“the process of inspecting, cleaning,
transforming and modelling data for
business decision making”
- May be viewed as a low-level Data
Science
