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AP/ITEC1010
Business Intelligence and Analytics
| Term | Definition |
|---|---|
| Business analytics | the extensive use of data and quantitative analysis to support fact-based decision making within organizations |
| Business Intelligence (BI) | includes a wide range of applications, practices, and technologies for the extraction, transformation, integration, visualization, analysis interpretation, and presentation of data to support improved decision making |
| Data scientists | determine what data and tools can help further an understanding of the situation, often work with business managers and specialists |
| Components of BI and analytics | existence of a solid data management program, including data governance, creative data scientists, management team |
| Data governance | defines the roles, responsibilities and processes for ensuring that data can be trusted and used by the entire organization |
| Reporting and querying tools | can present data in an easy-to understand fashion via graphs, formatted data, charts |
| Data visualization | the presentation of data in a pictorial or graphical form |
| Word cloud | a visual depiction of a set of words that have been grouped together because of the frequency of their occurrence |
| Conversation funnel | a graphical representation that summarizes the steps a consumer takes in making the decision to buy a product and become a customer |
| Online Analytical Processing (OLAP) | a method to analyse multidimensional data from many different perspectives; enables users to identify issues and opportunities and perform trend analysis |
| Data cubes | contains numeric facts called measures, which are categorized by dimensions, such as time and geography |
| Drill-down analysis | involves the interactive examination of high-level summary data in increasing detail to gain insight into certain elements |
| Linear regression | a mathematical technique for predicting the value of a dependant variable based on a single independent variable and the linear relationship between the two |
| Classification | a process of finding a function which helps in dividing the dataset into classes based on different parameters (algorithm maps the input (x) onto the discrete output (y) |
| Data mining | a BI analytics tool used to explore large amounts of data for hidden patterns to predict future trends and behaviours for use in decision making |
| Association analysis | a specialized set of algorithms that sorts through data and forms statistical rules about relationships among the items |
| Neural computing | historical data is examined for patterns that are then used to make predictions |
| Case-based reasoning | historical if-then-else cases are used to recognize patterns |
| Cross-industry process for data mining (CRISP-DM) | a six phase structured approach for the planning and execution of a data mining project |
| Key performance indicators (KPIs) | metrics that track progress in executing chosen strategies to attain organizational goals, consist of a direction, measure, target and time frame |
| Dashboard | presents a set of KPIs about the state of a process at a specific point in time, provides rapid access to information in an easy and concise manner, provides users at every level of organization with information needed to make improved decisions |
| Self-service analytics | includes training, techniques, and processes that empower end users to work independently to access data and perform their own analyses using an endorsed set of tools (must be intuitive) |
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