Business Analytics and Text Analytics Overview

Questions and Answers

What is the primary focus of Business Analytics?

Enhancing customer satisfaction through feedback

Understanding historical data

Making better present and future business decisions (correct)

Analyzing competitor activities

Which type of analytics is characterized by analyzing past data to determine what occurred?

Embedding Analytics

Descriptive Analytics (correct)

Predictive Analytics

Diagnostic Analytics

What does Diagnostic Analytics seek to understand?

Customer preferences

Future trends

Data integration techniques

Why something occurred (correct)

Which scenario is an example of Predictive Analytics?

A weather app predicts rain next week Signup and view all the answers

What is the primary goal of Machine Learning?

To enable computers to learn from data and improve over time Signup and view all the answers

What technology allows machines to perform tasks that usually require human intelligence?

Artificial Intelligence Signup and view all the answers

Which analytics type directly incorporates data analysis tools into another software application?

Embedded Analytics Signup and view all the answers

Which type of analytics helps businesses understand their performance in real-time?

Business Intelligence Signup and view all the answers

What is the primary goal of data quality management?

To ensure that data is accurate and useful Signup and view all the answers

Which process involves removing or correcting incorrect or incomplete data?

Data Cleansing Signup and view all the answers

What is the purpose of data democratization in an organization?

To allow everyone in the organization to use data Signup and view all the answers

What is the main purpose of prescriptive analytics?

To provide suggestions for decision-making based on data Signup and view all the answers

Which scenario best describes data integration?

A company creates a report from various customer data sources Signup and view all the answers

Which technology is primarily used to process data at its source rather than relying on a central cloud server?

Edge Technology Signup and view all the answers

Who is responsible for managing and protecting data in an organization?

Data Steward Signup and view all the answers

What does data lineage track?

The origin and movement of data through a system Signup and view all the answers

What distinguishes deep learning from other forms of machine learning?

It learns from large amounts of data through advanced algorithms. Signup and view all the answers

What does data storytelling involve?

Presenting data in a narrative format to enhance understanding Signup and view all the answers

What is the focus of data engineering?

Building systems for data collection and storage Signup and view all the answers

Which of the following best defines data warehousing?

Storing large amounts of data in one place for analysis Signup and view all the answers

Which of the following best describes blockchain technology?

A system for securely recording information that is resistant to tampering Signup and view all the answers

What is the primary role of data mining?

To find patterns and useful information from large data sets Signup and view all the answers

In what scenario might augmented reality be used?

To display digital information overlaid onto the real world Signup and view all the answers

What does data governance focus on?

Ensuring data quality, security, and proper usage Signup and view all the answers

Study Notes

Text Analytics and Business Analytics

Text Analytics involves analyzing text data to gain insights.
Business Analytics utilizes data to enhance decision-making focusing on present and future business strategies.

Business Intelligence and Descriptive Analytics

Business Intelligence employs technology and data to help businesses understand performance and make informed decisions.
Descriptive Analytics analyzes past data to comprehend historical events' occurrences, such as identifying peak sales periods.

Diagnostic, Predictive, and Prescriptive Analytics

Diagnostic Analytics investigates data to understand the reasons behind occurrences, such as identifying causes for a sales decline.
Predictive Analytics forecasts future trends or events, like weather predictions, based on historical data.
Prescriptive Analytics offers data-driven recommendations, assisting in decision-making, like suggesting optimal routes based on traffic.

Real-time, Cloud, and Edge Technology

Real-time Analytics evaluates incoming data instantly, such as monitoring live video viewership statistics.
Cloud Analytics leverages internet tools to store and analyze data remotely, exemplified by using Google Drive for data storage.
Edge Technology processes data near its source for efficiency, such as fitness tracking on smartwatches without the need for cloud integration.

Blockchain Technology and Data Management

Blockchain Technology records information securely and immutably, used in cryptocurrencies like Bitcoin for transaction tracking.
Data Mining discovers patterns and useful information in vast datasets, identifying purchasing trends in e-commerce.
Data Discovery explores datasets to reveal new insights about product performance across seasons.

Data Governance and Quality Management

Data Governance involves rules and policies for data handling, ensuring security and privacy of customer information.
Data Quality Management ensures data accuracy and usability, with businesses regularly auditing customer databases.

Data Literacy and Democratization

Data Literacy is the skill to understand and utilize data effectively for decision-making.
Data Democratization makes data accessible to all organizational members, empowering non-experts.

Data Integration, Cleansing, and Consumption

Data Integration combines inputs from various sources to create comprehensive reports, ensuring business insights.
Data Cleansing corrects or removes inaccurate data, vital for maintaining database integrity, especially before marketing campaigns.
Data Consumption pertains to how businesses utilize data for operational decisions, like inventory management.

Data Engineering and Stewardship

Data Engineering focuses on creating systems for efficient data collection and analysis.
Data Stewards manage and protect data, overseeing compliance with privacy regulations and ensuring data security.

Data Lineage and Fabric

Data Lineage tracks data's origins and movements, assisting in verifying data accuracy over time.
Data Fabric is an architecture that integrates and manages data across multiple platforms, promoting consistency and accessibility.

Data Warehousing

Data Warehousing involves the storage of extensive data in single locations for analysis, streamlining data management processes.

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Description

This quiz covers key concepts in Business Analytics and Text Analytics, focusing on how analyzing data helps business decision-making. It explores scenarios like analyzing customer reviews and sales data to identify trends and insights.