Chapter 1 Flashcards
(21 cards)
What is Business Analytics?
Combine qualitative reasoning with quantitative tools to identify key business problems and translate analysis into decisions to improve business performance.
Begins with understanding business contexts:
- ask the right questions
- identify appropriate analysis
- communicate information
What are the benefits of Business Analytics?
- improve the bottom line
- enhance customer experience
- develop better marketing strategies
- deepen customer engagement
- identify emerging markets
- mitigate risk and fraud
What are the 7 Applications of Business Analytics?
- Marketing
- HR management
- Economics
- Finance
- Health
- Sports
- Politics
What are the 3 applications that fall under Marketing?
- customer segmentation
- sentiment analysis
- predictive analytics
What are the 3 applications that fall under HR management?
- employee turnover analysis
- talent analytics
- performance analytics
What are the 3 applications that fall under Economics?
- economic forecasting
- policy impact analysis
- market research
What are the 3 applications that fall under Finance?
- risk analysis
- investment analysis
- fraud detection
What are the 3 applications that fall under Health?
- predictive analytics
- treatment efficacy analysis
- health outcome analysis
What are the 3 applications that fall under Sports?
- performance analytics
- injury prevention
- scouting and recruitment
What are the 3 applications that fall under Politics?
- public opinion analysis
- campaign strategy analysis
- election forecasting
How does Business Analytics and Data Science differ?
BA- data analysis for business applications and focuses more on the analysis of available data
DS- develops applications for the end users and is focused on advanced computer algorithms
What are the 3 types of Analytical Techniques?
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
What is Data Privacy and its key principles?
DP is related to the collection, usage and transmission of data and its concerns around how data is legally collected, stored and shared with 3rd parties and how it meets all regulatory obligations.
- Confidentiality
- Transparency
- Accountability
What is Data Ethics and its key principles?
DE is a branch of ethics that studied and evaluates moral problems related to data. Its concerns revolve around evaluating whether data is being used for doing the right thing for people and society
- Interest of humans should be first
- No biases
What’s the difference between data, information and knowledge?
Data- compilations of facts, figures and other content, both numerical and nonnumerical.
Information- set of data that is organised and processed in a meaningful and purposeful way
Knowledge- derived from a blend of data, knowledge, experience and intuition
What are the different Types of Data?
- Sample and population
- Cross sectional and time series
- Structured and Unstructured
- Big data
What are the Characteristics of Big Data?
- volume
- variety
-velocity
- Veracity
- Values
What are the 2 Types of Variables?
Categorical
Numerical
What are the different Categorical and Numerical data scales?
Nominal scale
Ordinal scale
Interval scale
Ratio scale
What are the 2 Types of Data Sources?
- Fixed width Format
- Delimited Format
What are the 3 different File Formats used for Data?
- XML
- HTML
- JSON
