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Questions and Answers
Which type of analytics describes what has happened?
What is the term used for a data set that is too large or complex for traditional data-processing techniques?
Which type of analytics aims to predict the future based on past data?
What is the technological concept that involves the collection and analysis of data from sensors in various machines over the Internet?
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Which type of analytics constructs models to recommend the best course of action?
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What mathematical concept gives the optimal decision considering constraints?
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Study Notes
Business Analytics and Data Science
- Business analytics is the scientific process of transforming data into insight for making better decisions.
Big Data
- Big data is a set of data that is too large or too complex to be handled by standard data-processing techniques and typical desktop software.
Types of Analytics
- Descriptive analytics: analytical tools that describe what has happened.
- Predictive analytics: techniques that use models constructed from past data to predict the future or to ascertain the impact of one variable on another.
- Prescriptive analytics: techniques that analyze input data and yield a best course of action.
Optimization Models
- An optimization model is a mathematical model that gives the best decision, subject to the situation's constraints.
Decision Making
- Utility theory is the study of the total worth or relative desirability of a particular outcome that reflects the decision maker's attitude toward a collection of factors such as profit, loss, and risk.
Data Visualization
- A data dashboard is a collection of tables, charts, and maps to help management monitor selected aspects of the company's performance.
Internet of Things (IoT)
- IoT is the technology that allows data collected from sensors in all types of machines to be sent over the Internet to repositories where it can be stored and analyzed.
Simulation
- Simulation is the use of probability and statistics to construct a computer model to study the impact of uncertainty on the decision at hand.
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Description
Test your knowledge of business analytics, big data, and different types of analytical tools used to transform data into insights for better decision-making. Identify concepts such as descriptive analytics and predictive analytics.
