Data Analytics And Business Intelligence

Question 1

Data analytics definition

Answer 1

The process of collecting, cleaning, inspecting, transforming, storing, modelling, and querying data

Question 2

Business intelligence definition

Answer 2

• An umbrella term that combines architectures, tools data bases, analytical tools, applications, and methodologies that convert unprocessed data into valuable insights

Question 3

Differences between data analytics and business intelligence

Answer 3

Purpose:
BI: support decision making using insights obtained through data analytics.
DA: convert raw data into insights

Concern
BI: using back to use this information to inform future strategy
DA: identifies past patterns

Used by who?:
BI: used by leadership teams
DA: data scientist, computer scientists

What it does:
BI: relies on clear dashboards, reporting
DA: carry’s out tasks like data mining, simulations…

Question 4

Advantages of Business intelligence

Answer 4

1. Improved decision making
2. Personalisation & customer experience: AI-powered recommendation systems tailor user experiences
3. Operational efficiency: Predictive maintenance prevents costly equipment failures
4. Fraud Detection & Risk Management

Question 5

Database definition

Answer 5

a database is an organised collection of data, stored electronically for easy retrieval

Question 6

Types of data base

Answer 6

• Relational database SQL: a structured way of storing data in tables where relationships exist between data points. It follows the relational model. Using stored in tables
• Non-relational database NOSQL: Is a flexible data storage system that does not use structured tables and fixed schemas like relational databases e.g. graph, document

Question 7

Key dimensions of data quality

Answer 7

1. Accuracy
2. Completeness
3. Consistency
4. Timeliness
5. Validity

Question 8

Big data definition

Answer 8

increasingly data comes from a multitude of different sources, is often unstructured and unintegrated, and there are ever larger amounts of it - hence the term big data

Question 9

Types of business analytics

Answer 9

• Descriptive analytics: Descriptive analytics examines historical data to identify patterns, trends, and insights
• Predictive analytics: uses statistical models, machine learning, and AI to analyse past data and forecast future trends
• Prescriptive analytics: helps make businesses make data-driven decisions by providing specific recommendations based on past data and predictions

Question 10

Challenges of big data analytics

Answer 10

• Data Quality & Accuracy
• Data Storage and management
• Processing speed
• Integration issues
• Security and privacy risk
• Cost of infrastructure