Chapter 1 Flashcards
(26 cards)
IMPACT acronym
Identify the questions
Master the data
Perform the test plan
Address and refine results
Communicate insights
Track outcomes
Data Analytics
Evaluating data with the purpose of drawing conclusions
Big Data
Datasets which are too large and complex to be analyzed traditionally
4 V’s of Data
Volume
Velocity
Variety
Veracity
Volume of data
Amount of data
Velocity of data
Rate at which data is updated
Variety of data
Different types of data
Veracity of data
Accurateness of data
What percentage of CEO’s put a high value on data analytics
85%
Identify the Questions
Understand the business problems that need to be addressed
Master the Data
Know what data are available and how they relate to the problem
Perform the Test Plan
What we are trying to accomplish drives the type of analysis we’ll perform
Address and Refine Results
Identify issues with the analyses, possible issues, and refine the model
Is Data Analytics an Iterative process?
Yes
Communicate Insights
Communicate effectively using clear language and visualizations
Track Outcomes
Follow up on the results of the analysis
Structured Data
Data that adheres to a predefined data model (rows and columns)
Unstructured Data
Data that does not adhere to a predefined data model (internet)
Classification
Assigning data units into categories
Regression
Predicting outcomes based on independent variables
Similarity Matching
Finding patterns between data points
Clustering
Grouping similar data points
Concurrence Grouping
Discovering associations based on transactions (“frequently bought together”)
Profiling
Identifying “typical behaviors” through summary statistics to spot anomalies
