Exam 1 Review Flashcards
(31 cards)
What is Data Analytics?
Data analytics is the process of evaluating data with the purpose of drawing conclusions to address business questions.
What are the 5 Vs?
- Volume
- Velocity
- Variety
- Veracity
- Volume
What does “volume” of the 5 Vs refer to?
Scale of data
What does “velocity” of the 5 Vs refer to?
Frequency of incoming data
What does “variety” of the 5 Vs refer to?
Different forms of data
What does “veracity” of the 5 Vs refer to?
Uncertainty of data
What does “value” of the 5 Vs refer to?
The value the data and its analysis can create
What is the impact cycle?
Identify
Master
Perform
Address
Communicate
Track
What does “identify” stand for?
Identify the questions: understand the business problems that need addressed
What does “Master” stand for?
Master the data: Know what data are available and how they relate to the problem
What does “Perform” stand for?
Perform the test plan: Select an appropriate model to find a target variable
What does “Address” stand for?
Address and refine results: Identify issues with the analyses, problem issues and refine the model
What does “Communicate” stand for?
Communicate insights: Communicate effectively using clear language and visualizations
What does “Track” stand for?
Track outcomes: Follow up on the results of the analysis
How does having more data around us translate into value for a company?
The data alone is not useful, but if we are able to use it effectively and analyze it to address business solutions we can increase value.
How do you translate common business questions into fields and values?
- Understand & Define the problem. Frame the business problem. Prepare for a decision.
- Set analytic goals and scope your solution. Set objectives and define milestones. Design minimum viable product. Identify target metrics.
- Plan the analysis.
What is a data dictionary?
Centralized repository of descriptions for all of the data attributes of the dataset.
What is data quality?
The completeness, reliability and validity of the data
How is data organized in an accounting information system?
Value
Field
Records
Files
Database
How is data stored in a relational database?
Primary key, foreign key and single valued data
What is a primary key?
Primary keys are unique identifiers. Most of the time numbers.
What is a foreign key?
Foreign keys are attributes that point to a primary key in another table.
What is ETL?
The extract, transform, and load process that is integral to mastering the data.
What is ELT*?
The same thing, but used when everything can be done in one program
