10 Questions
What is the primary goal of Business Intelligence?
To support improved decision making through data analysis and presentation
What is the main purpose of a conversion funnel?
To summarize the steps a consumer takes in making the decision to buy a product and become a customer
What is the term for an interactive examination of high-level summary data in increasing detail?
Drill-down analysis
What is the purpose of a data cube?
To store numeric facts categorized by dimensions such as time and geography
What is the term for a mathematical procedure to predict the value of a dependent variable?
Linear regression
What is the purpose of CRISP-DM?
To provide a structured approach for planning and executing a data mining project
What is the term for a metric that tracks progress in executing chosen strategies?
Key Performance Indicator (KPI)
What is the term for a presentation of a set of KPIs about the state of a process at a specific point in time?
Dashboard
What is the term for training, technology, and processes that empower end-users to work independently?
Self-Service Analytics
What is the term for a visual depiction of a set of words that have been grouped together because of the frequency of their occurrence?
Word cloud
Study Notes
Business Intelligence (BI)
- A wide range of applications, practices, and technologies for extracting, transforming, integrating, visualizing, analyzing, interpreting, and presenting data to support improved decision making.
Data Visualization
- Presentation of data in a pictorial or graphical format.
- Examples: Word cloud, Conversion funnel.
Data Analysis Tools
- Online Analytical Processing (OLAP): analyzes multidimensional data from multiple perspectives, enabling users to identify issues, opportunities, and perform trend analysis.
- Data cube: a collection of data containing numeric facts (measures) categorized by dimensions (e.g., time, geography).
- Drill-down analysis: interactive examination of high-level summary data to gain insight into specific elements.
Data Mining
- Exploration of large amounts of data to discover hidden patterns, predict future trends and behaviors for decision making.
- Cross-Industry Process for Data Mining (CRISP-DM): a six-phase structured approach for planning and executing data mining projects.
Performance Metrics
- Key Performance Indicator (KPI): a metric tracking progress in executing chosen strategies to attain organizational objectives and goals.
- KPI consists of a direct measure, target, and time frame.
- Dashboard: a presentation of a set of KPIs about the state of a process at a specific point in time.
Analytics Self-Service
- Training, technology, and processes that empower end-users to work independently, accessing data from approved sources to perform their own analysis using endorsed tools.
Learn about Business Intelligence (BI) and its applications in data analysis and visualization. Understand data visualization tools such as word clouds and conversion funnels to support informed decision making.
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