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Chapter 1 Definitions: Business Analytics, BI, AI, Machine Learning

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Chapter 1 Definitions: Business Analytics, BI, AI, Machine Learning

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Questions and Answers

What is the primary purpose of the machine learning project described in the text?

To group data into meaningful segments (correct)

To predict or classify an outcome variable

To obtain a large database for analysis

To perform random sampling on the data

What is the purpose of the 'piloting/prototyping' step mentioned in the text?

To define the purpose of the machine learning project

To obtain a random sample from the larger database of interest (correct)

To explore, clean, and pre-process the data

To assess the results and compare models

Which of the following is NOT a type of variable handling mentioned in the text?

Ordinal (low, medium, high)

Continuous (correct)

Integer (discrete)

Unordered (male, female)

What is the purpose of normalizing the data, as described in the text?

To put all variables on the same scale and prevent variables with larger scales from dominating the results (A) Signup and view all the answers

What is the purpose of the 'reduce the data' step mentioned in the text?

To determine the specific variables that will provide the most useful information (D) Signup and view all the answers

What is the purpose of the 'iterative implementation and tuning' step mentioned in the text?

To try the model on the different sets (training, validation, holdout) and adjust parameters as needed (D) Signup and view all the answers

What is the practice of using quantitative data to make business decisions?

Business Analytics (BA) (A) Signup and view all the answers

Which term refers to data visualization and reporting for understanding the current state of the world?

Business Intelligence (BI) (A) Signup and view all the answers

What branch of AI gives machines the ability to learn without being expressly programmed to learn?

Machine Learning (B) Signup and view all the answers

Which type of learning uses labeled data to train the algorithm?

Supervised Learning (B) Signup and view all the answers

Which term involves reducing the number of variables to increase the performance of the algorithm?

Data and dimension reduction (A) Signup and view all the answers

What is used for attempting to predict the category a subject currently or will occupy?

Classification (A) Signup and view all the answers