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Data Analytics and Strategy for Business > 21 - EPILOGUE + Glossary > Flashcards

21 - EPILOGUE + Glossary Flashcards

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1
Q

What is the role of a data leader?

A

Creating fundamental change for the business and enhancing value

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2
Q

What unique perspective does working in data and analytics provide?

A

A non-judgemental view across all aspects of a business

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3
Q

Why is problem-solving in business considered thrilling?

A

It is a continuous challenge that keeps professionals engaged

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4
Q

What is essential for avoiding common pitfalls in data projects?

A

Following the right order of operations

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5
Q

What is the significance of teamwork in creating a data-first organization?

A

Collective efforts lead to greater success than individual contributions

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6
Q

What does the adaptability quotient (AQ) measure?

A

The ability to adapt thinking across different domains

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7
Q

What are the two methodologies mentioned that are relevant to data work?

A
  • Waterfall
  • Agile
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8
Q

What is required for data success according to the text?

A

Executing all elements of Data and Analytics Strategy together

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9
Q

What is data not considered to be?

A

Something you create; it exists to be discovered and reused

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10
Q

What has data evolved into from its early days as a by-product of IT?

A

A fully fledged business capability

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11
Q

What are A/B tests used for?

A

To establish which of two products or strategies is preferred by customers

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12
Q

Define adaptability quotient (AQ).

A

The ability to adapt your thinking from one domain to another

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13
Q

What characterizes agile development?

A

Collaborative effort, adaptive planning, and evolutionary development

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14
Q

What does an application programming interface (API) do?

A

Provides access to the data of an application or service

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15
Q

What is artificial intelligence (AI)?

A

The ability of a digital computer to perform tasks associated with intelligent beings

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16
Q

What is big data?

A

Data characterized by high volume, variety, and velocity

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17
Q

What is a black box in data analytics?

A

A system that produces insights without transparency of its internal workings

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18
Q

Define blockchain.

A

A system maintaining a record of transactions across several computers

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19
Q

What is a business dashboard?

A

An information management tool presenting key performance data at a glance

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20
Q

What is a certified report?

A

A business report validated for data quality and governance

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21
Q

Who is the chief data officer (CDO)?

A

The person responsible for enterprise-wide governance and use of information

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22
Q

What is cognitive diversity?

A

Differences in how people prefer to think, impacting problem-solving

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23
Q

What is data accountability?

A

The principle that governance of data is someone’s responsibility

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24
Q

What does data architecture encompass?

A
  • Data model
  • Rules
  • Storage
  • Integration
  • Access
  • Visualization
  • Performance
  • Security
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25
What is data compliance?
Ensuring data is organized to meet business rules and regulations
26
What does data ethics refer to?
The responsible use of data for people and society
27
What is the role of a data steward?
To understand how a department collects and uses data
28
What is a data lake?
A store of raw data for undefined purposes, useful for data science models
29
What does data provenance refer to?
Metadata that attributes data to its source
30
What are the four dimensions of data quality?
* Accurate * Valid * Accessible * Timely
31
Define data science.
The discipline combining programming, business knowledge, and statistics
32
What is data security?
The practice of protecting data from unauthorized access or corruption
33
What is the data and analytics strategy?
The choices and priorities to achieve organizational goals through data
34
What is a data warehouse?
A store of structured data used for building and testing models
35
What is digital transformation?
Translating analogue information to a digital environment and changing business processes
36
What does disintermediation refer to?
Reducing the use of intermediaries in a data process
37
What is disruption in a business context?
Market entrants with novel models challenging industry incumbents
38
What does 'drill down' mean?
Accessing deeper levels of hierarchically ordered data
39
What is a firehose API?
A stream of real-time data delivered to subscribers
40
What are the five waves of transformation?
A strategy for guiding data transformation through foundational to complex projects
41
Define forecasting in data analytics.
Estimating future events based on past and present data
42
What is a hackathon?
An event for collaborative programming to solve a specific challenge
43
What is the intangible value of data?
Reducing risk and improving productivity, automation, and satisfaction
44
What is machine learning (ML)?
An AI discipline where software learns autonomously
45
What is the net promoter score (NPS)?
The score from subtracting the percentage of detractors from promoters
46
What does omnichannel refer to?
Providing a seamless customer experience across multiple channels
47
Fill in the blank: The ability to think about problem-solving is referred to as _______.
practical quotient (PQ)
48
What is machine learning (ML)?
An AI discipline that implements computer software that can learn autonomously.
49
How is the net promoter score (NPS) calculated?
By subtracting the percentage of detractors from the percentage of promoters.
50
What does omnichannel refer to?
Providing consistent and seamless customer experience across various channels.
51
Define practical quotient (PQ).
The ability to think about problem-solving in a way that directly relates to business.
52
What is predictive modeling?
A form of artificial intelligence that uses probability to estimate the likelihood of specific outcomes.
53
What is a quick win?
An immediate improvement that delivers obvious value to the business.
54
What is the quick wins paradox?
The problem that rushing to demonstrate tangible value can have the opposite effect if project selection or implementation is flawed.
55
Define retention quotient (RQ).
The ability to store and recall information easily.
56
What is role-based reporting?
Internal reporting done only when it makes a difference to a task or role in the organization.
57
What does sentiment analysis entail?
The use of natural language processing and text analysis to extract and quantify subjective emotions in data.
58
What is shadow data resource?
The collection, processing, and analysis of data without explicit approval of the data function.
59
Define single customer view (SCV).
The process of collecting and merging data to form a single, accurate, up-to-date record for each customer.
60
What is meant by single employee view?
The process of collecting and merging data to form a single, accurate, up-to-date record for each employee.
61
What is a single product view?
The process of collecting and merging data to form a single, accurate, up-to-date record for each product.
62
Define single source of truth.
Every data element is stored and edited in only one place, with no duplicates.
63
What is single supplier view (SSV)?
The process of collecting and merging data to form a single, accurate, up-to-date record for each supplier.
64
What does social listening involve?
Monitoring social media channels for mentions of your brand or topics of interest.
65
What is straight-through processing (STP)?
A business process in which data triggers actions without human intervention.
66
What is a subject access request (SAR)?
The right under GDPR for individuals to request information held by an organization.
67
Define sunk cost fallacy.
The tendency to continue investing in a project based on prior investments rather than future value.
68
What constitutes tangible value of data?
Increasing revenue and reducing costs to enhance the margin of the business.
69
What is a tracking survey?
A project to collect consistent information about the market at regular intervals.
70
What does value, build, improve (VBI) refer to?
Dimensions that measure the positive impact of transformation: creating value, building capability, and informing improvements.
71
What is the voice of the customer (VoC)?
A company-wide effort to capture customer expectations, preferences, and dislikes.
72
Define waterfall development.
A development strategy where the project is broken down into phases completed in sequence.

Data Analytics and Strategy for Business (21 decks)

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