23 Questions
What type of analytics is concerned with describing what happened?
Descriptive Analytics
What is the primary goal of Descriptive Analytics?
To generate information from contextualized data
What type of analytics is used to answer questions about past events?
Diagnostic Analytics
Which type of analytics aims to provide advice on what action to take?
Prescriptive Analytics
What is required for Diagnostic Analytics?
Data collected from multiple sources
What does predictive analytics aim to do?
Forecast what will happen
What is the primary goal of Predictive Analytics?
To predict the outcomes of events
What is the primary goal of data visualization?
To provide a qualitative overview of large data sets
What is the main difference between predictive and prescriptive analytics?
Predictive analytics forecast what will happen, while prescriptive analytics advise on what to do
Which type of analytics is used to answer questions about future events?
Predictive Analytics
What is the primary purpose of data mining?
To extract patterns and relationships from large data sets
What is the primary goal of Data Analytics?
To analyze data to enhance productivity and business gain
What is required for Data Analytics?
Special pre-processing and storage requirements
What type of analytics is concerned with identifying root causes of a problem?
Diagnostic Analytics
What is the main benefit of data visualization?
It provides a qualitative overview of large data sets
What is the primary goal of Prescriptive Analytics?
To prescribe a course of action
What is a datum in the context of a dataset?
An individual member of a dataset
What is a characteristic of structured data?
It conforms to a data model or schema
What type of data has a faster growth rate than structured data?
Unstructured data
What type of data is stored in a hierarchical or graph-based structure?
Semi-structured data
What type of data is easiest to process?
Structured data
What type of data is often stored in a relational database?
Structured data
What type of data requires special consideration for processing and storage?
Unstructured data
Study Notes
Data Analytics
- Data Analytics refers to techniques used to analyze data to enhance productivity and business gain
- Data is extracted from various sources, cleaned, and categorized to analyze various behavioral patterns
- Techniques and tools used vary according to the organization or individual
Data Analytics Categories
- Descriptive Analytics: contextualize data to generate information, answers questions about occurred events
- Diagnostic Analytics: determines the cause of a phenomenon, answers questions about the reason behind an event
- Predictive Analytics: predicts outcomes of events based on patterns, trends, and exceptions from historical and current data
- Prescriptive Analytics: builds upon predictive analytics, describes actions that should be taken, proposes the best action to do and the reason
Descriptive Analytics
- Answers questions about occurred events, such as sales volume and monthly commission earned by sales agents
Diagnostic Analytics
- Determines the cause of a phenomenon, answers questions about the reason behind the event
- Requires collecting data from multiple sources and storing it in a structure that lends itself to performing drill-down and roll-up analysis
Predictive Analytics
- Predicts outcomes of events based on patterns, trends, and exceptions from historical and current data
- Answers questions about future events, such as customer default on a loan or purchase of a product
- Models used for predictive analytics have implicit dependencies on the conditions under which the past events occurred
Prescriptive Analytics
- Builds upon the results of predictive analytics, describes actions that should be taken
- Proposes the best action to do and the reason, such as which drug provides the best results or when to trade a particular stock
- Requires the most advanced skillset
Data Visualization
- Formation of a mental model of something, not just what a user sees on a computer display
- Gain insight into an information space by mapping data onto graphical primitives
- Provides qualitative overview of large data sets, helps find patterns, trends, and relationships among data
The Power of Visualization
- Helps find meaningful patterns and relationships in data
- Example: John Snow's deduction of the cause of a cholera epidemic in London in 1854
Datasets
- A collection or group of related data that share the same set of attributes or properties
- Each member of the dataset is called a "datum"
Types of Data
- Structured Data: stored in a tabular form, exhibits relationships between different entities, and is within a relational database
- Unstructured Data: does not conform to a data model or schema, has a faster growth than structured data
- Semi-structured Data: has a defined level of structure and consistency, hierarchical or graph-based, and not relational in nature
Learn the basics of data analytics, including data extraction, cleaning, and categorization to analyze behavioral patterns and enhance business productivity.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
