Data Mining - Chapter 1 Flashcards
What is business analytics (BA)?
The practice and art of bringing quantitative data to bear on decision making.
-> It includes a range of data analysis methods
Wht is Business Intelligence (BI)?
the next level of business analytics, which focusses on data visualization and reporting to understand what happened and what is happening.
What is the purpose of statistcal models such as regression models?
- To describe and quantify on average relationships
- To predict new records
- To forecast future values
What is data mining?
Business analytics methods that go beyond counts, descriptive techniques, reporting, and methods based on business rules.
- -> Statistical and mache-learning methods that inform decision-making.
- -> In general not focused on average predictions, but on specific case predicitons
What are the four V’s in big data?
- Volume
- Velocity
- Variety
- Veracity
What is meant with volume?
The amount of data
What is meant with velocity?
The flow rate of data - the speed at which it is generated and changed.
What is meant with variety?
The different types of data being generated (pictures, text, numbers etc.)
What is meant with veracity?
Data is being generated by organic distributed processes and not subject to controls or quality checks.
What is data science?
A mix of skills in the areas of statistics, machine learning, math, programming, business and IT.
What is an algorithm?
A specific procedure used to implement a particular data mining technique.
What is a model?
An algorithm as applied to a dataset, complete with its settings.
What is a score?
A predicted value or class.
