Podcast
Questions and Answers
The most important mechanism in OLAP is the use of ______.
The most important mechanism in OLAP is the use of ______.
aggregations
An ______ is an automated message or notification indicating that a predefined event has occurred.
An ______ is an automated message or notification indicating that a predefined event has occurred.
alert
Statistics are techniques for analyzing and interpreting ______ data for making inferences.
Statistics are techniques for analyzing and interpreting ______ data for making inferences.
numerical
Business ______ allows companies to make long term plans based on data analysis.
Business ______ allows companies to make long term plans based on data analysis.
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Predictive analysis uses current and past ______ to predict future events.
Predictive analysis uses current and past ______ to predict future events.
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Optimization is used in business analysis to identify the best possible ______ for a situation.
Optimization is used in business analysis to identify the best possible ______ for a situation.
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Descriptive statistics help identify mean, median, and ______ of sales.
Descriptive statistics help identify mean, median, and ______ of sales.
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Causal analysis aims to identify factors affecting a person to go for ______ banking.
Causal analysis aims to identify factors affecting a person to go for ______ banking.
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Data analytics techniques are used to derive business values from ______.
Data analytics techniques are used to derive business values from ______.
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Different data types can be represented using ______ methods.
Different data types can be represented using ______ methods.
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Data-driven decision making is backed by analyzed ______.
Data-driven decision making is backed by analyzed ______.
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Several techniques exist to derive business values from ______.
Several techniques exist to derive business values from ______.
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Comparing and contrasting different data analytics ______ is crucial for selecting the right approach.
Comparing and contrasting different data analytics ______ is crucial for selecting the right approach.
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Strategic decision making involves ______ the entire organization.
Strategic decision making involves ______ the entire organization.
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Data science supports reasoning and decision making under various sources of ______.
Data science supports reasoning and decision making under various sources of ______.
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Facebook users click the like button on more than 4 million posts every ______!
Facebook users click the like button on more than 4 million posts every ______!
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One aspect of data analytics is __________ analysis, which involves examining data sets to extract useful information.
One aspect of data analytics is __________ analysis, which involves examining data sets to extract useful information.
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Reports that provide an understanding of __________ are known as standard reports.
Reports that provide an understanding of __________ are known as standard reports.
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Ad Hoc Reports are __________ reports that allow business users to obtain specific data as needed.
Ad Hoc Reports are __________ reports that allow business users to obtain specific data as needed.
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Online Analytical Processing, or OLAP, is used for performing __________ analysis on large volumes of data.
Online Analytical Processing, or OLAP, is used for performing __________ analysis on large volumes of data.
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Forecasting is a technique used in data analytics to predict __________ based on historical data.
Forecasting is a technique used in data analytics to predict __________ based on historical data.
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Data transformation is a processing task that involves converting data into a __________ form for analysis.
Data transformation is a processing task that involves converting data into a __________ form for analysis.
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Statistical analysis is a key technique in data analytics that involves using __________ to explore and interpret data.
Statistical analysis is a key technique in data analytics that involves using __________ to explore and interpret data.
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Optimization techniques in data analytics are used to find the best solution from a __________ set of alternatives.
Optimization techniques in data analytics are used to find the best solution from a __________ set of alternatives.
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Study Notes
Data Science & Analytics
- Focuses on data management and processing, and analytical methods for analysis and optimization.
- Data management includes databases, warehousing, preparation (cleaning and engineering), monitoring, reporting, and visualization.
- Data analytics encompasses data mining, text analytics, machine and statistical learning, mathematical optimization, and visualization.
Data Management and Processing
- The foundation of data analytics hinges on having clean and properly organized data.
- Data rarely arrives in a usable state, requiring preparation for analysis.
- Common data processing tasks:
- Data assessment and cleaning
- Data integration
- Data transformation
Techniques for Deriving Business Value from Data
- Standard Reports: Generated regularly, describe past events, including monthly financial or sales reports.
- Ad Hoc Reports: Customized reports for data needs of business users, enabling them to generate reports with modified queries and filter values.
- Online Analytical Processing (OLAP): Allows multi-dimensional analysis at high speed on large volumes of data, enabling users to analyze data interactively from different angles.
- Alerts: Automated notifications sent when predefined events or errors occur, providing critical information quickly.
- Statistical Analysis: Techniques for analyzing and interpreting numerical data, drawing inferences about the population based on sample data. Examples include descriptive, inferential, and causal analysis.
- Forecasting: Projection of future business developments based on trends, patterns, and data analysis. Time series is commonly used.
- Predictive Modelling: Aims to predict future events based on past and current facts and figures, including Association Rule Mining, Classification, Regression, and Neural Networks.
- Optimization: Identifies the best possible action for a situation, focusing on discovering the optimal decision.
Data-Driven Decision Making
- Businesses generate massive amounts of data daily, with most created since 2016.
- Data is valuable for identifying audiences, trends, audience interaction, and customer feelings about a brand.
- Businesses often rely on instincts or gut feeling, but data-driven decision making offers a more informed approach.
- Data helps to make strategic decisions and understand long-term trends, and operational decisions for daily operations and actions.
Levels of Intelligence Creating Business Value
- Data science is a multidisciplinary field used to Extract knowledge and insight from data, supporting decision making in environments with uncertainty.
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Description
Test your knowledge on data management, processing techniques, and analytics methods. This quiz covers essential concepts for transforming raw data into valuable insights for businesses. Whether it's about standard reports, data cleaning, or visualization, challenge yourself and see how well you understand the field of data science.
