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

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

To group data into meaningful segments

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

To obtain a random sample from the larger database of interest

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

Continuous

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

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

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

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

Business Analytics (BA)

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

Business Intelligence (BI)

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

Machine Learning

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

Supervised Learning

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

Data and dimension reduction

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

Classification

Test your knowledge of key definitions in Chapter 1 related to Business Analytics, Business Intelligence, Artificial Intelligence, and Machine Learning.

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