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Chapter 1 What is business Analytics (rated 100% correct).
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Chapter 1. What is business Analytics?(rated 100% correct).
Business Analytics ANS - - the practice and art of bringing quantitative data to bear on decision making.
Business Intelligence ANS - - Data visualization and reporting for understanding "what happened and
what is happening."
-- Done by the use of charts, tables, and dashboards to display, examine, and explore data.
Data mining ANS - - Business analytics methods that go beyond counts, descriptive techniques, and
reporting, and methods based on business rules.
Machine learning ANS - - refers to algorithms that learn directly from data, especially local patterns,
often in layered or iterative fashion.
Statistical models ANS - - refers to methods that apply globe structure to the data.
Overfitting ANS - - where a model is fit so closely to the available sample of data that it describes not
merely structural characteristics of that data but random peculiarities as well.
Big data ANS - - data today are big by reference to the past, and to the methods and devices available
to deal with them.
Challenges with big data ANS - - Often characterized by the four V's
-- Volume
-- Velocity
-- Variety
-- Veracity
, Challenges with big data
- Volume ANS - - Refers to the amount of data
Challenges with big data
- Velocity ANS - - Refers to the flow rate - the speed at which it is being generated and changed.
Challenges with big data
- Variety ANS - - Refers to the different types of data being generated (currency, dates, numbers, text,
ect.).
Challenges with big data
- Veracity ANS - - Refers to the fact that data is being generated by organic distributed processes (e.g.,
millions of people signing up for services for free downloads) and not subject to the controls or quality
checks that apply to data collected for a study.
Data science ANS - - A mix of skills in the areas of statistics, machine learning, math, programming,
business, and IT.
Algorithm ANS - - A specific procedure used to implement a particular data mining technique:
classification tree, discrimination analysis, and the like.
Confidence ANS - - A performance measure in association rules of the type "IF A and B are purchased,
THEN C is also purchased." Confidence is the conditional probability that C will be purchased IF A and B
are purchased.
-- Also has a broader meaning in statistics (Confidence interval), concerning the degree of error in an
estimate that results from selecting one sample as opposed to another.
Holdout Data ANS - - A sample of data not used in fitting a model, but instead used to assess the
performance of that model. This book uses the term "Validation set and test set."
Observation ANS - - The unit of analysis on which the measurements are taken.
-- AKA: instance, sample, example, case, record*, pattern, or row.
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