Understanding Big Data and its Impact on Business

Question 1

distributed computing

Answer 1

Processes and manages algorithms across many machines in a computing environment.

Question 2

data mining

Answer 2

The process of analyzing data to extract information not offered by the raw data alone.

Question 3

data profiling

Answer 3

The process of collecting statistics and information about data in an existing source.

Question 4

data replication

Answer 4

The process of sharing information to ensure consistency between multiple data sources.

Question 5

recommendation engine

Answer 5

A data-mining algorithm that analyzes a customer’s purchases and actions on a website and then uses the data to recommend complementary products.

Question 6

estimation analysis

Answer 6

Determine values for an unknown continuous variable behavior or estimated future value.

Question 7

market basket analysis

Answer 7

Evaluates such items as websites and checkout scanner information to detect customers’ buying behavior and predict future behavior by identifying affinities among customers’ choices of products and services.

Question 8

affinity grouping analysis

Answer 8

Reveals the relationship between variables along with the nature and frequency of the relationships.

Question 9

cluster analysis

Answer 9

A technique used to divide an information set into mutually exclusive groups such that the members of each group are as close together as possible to one another and the different groups are as far apart as possible.

Question 10

classification analysis

Answer 10

The process of organizing data into categories or groups for its most effective and efficient use.

Question 11

data mining tools

Answer 11

A variety of techniques to find patterns and relationships in large volumes of information that predict future behavior and guide decision making.

Question 12

prediction

Answer 12

A statement about what will happen or might happen in the future, for example, predicting future sales or employee turnover.

Question 13

cube

Answer 13

The common term for the representation of multidimensional information.

Question 14

algorithm

Answer 14

A mathematical formula placed in software that performs an analysis on a data set.

Question 15

anomoly detection

Answer 15

The process of identifying rare or unexpected items or events in a data set that do not conform to other items in the data set.

Question 16

outlier

Answer 16

A data value that is numerically distant from most of the other data points in a set of data.

Question 17

fast data

Answer 17

The application of big data analytics to smaller data sets in near-real or real-time in order to solve a problem or create business value.

Question 18

data scientist

Answer 18

Extracts knowledge from data by performing statistical analysis, data mining, and advanced analytics on big data to identify trends, market changes, and other relevant information.

Question 19

infographics (information graphics)

Answer 19

Present the results of data analysis, displaying the patterns, relationships, and trends in a graphical format.

Question 20

data artist

Answer 20

A business analytics specialist who uses visual tools to help people understand complex data.

Question 21

analysis paralysis

Answer 21

Occurs when the user goes into an emotional state of over-analysis (or over-thinking) a situation so that a decision or action is never taken, in effect paralyzing the outcome.

Question 22

data visualization tools

Answer 22

Moves beyond Excel graphs and charts into sophisticated analysis techniques such as controls, instruments, maps, time-series graphs, and more.

Question 23

data visualization

Answer 23

Describes technologies that allow users to “see” or visualize data to transform information into a business perspective.

Question 24

business intelligence dashboard

Answer 24

Tracks corporate metrics such as critical success factors and key performance indicators and includes advanced capabilities such as interactive controls, allowing users to manipulate data for analysis.

Question 25

optimization model

Answer 25

A statistical process that finds the way to make a design, system, or decision as effective as possible, for example, finding the values of controllable variables that determine maximal productivity or minimal waste.

Question 26

forecasting model

Answer 26

Predictions based on time-series information allowing users to manipulate the time series for forecasting activities.

Question 27

regression model

Answer 27

Includes many techniques for modeling and analyzing several variables when the focus is on the relationship between a dependent variable and one or more independent variables.

Question 28

time-series information

Answer 28

Time-stamped information collected at a particular frequency.