Week 01 Flashcards
Why is data collected and stored primarily?
Generally collected for operational processing (to sell/ to save money) and then the potential for analysis is a by product.
Generally in actuarial data is collected for analysis.
Define descriptive analytics
Descriptive analytics is the process of using current and historical data to identify trends and relationships.
Define predictive analytics
Predictive analytics is a branch of advanced analytics that makes predictions about future outcomes using historical data combined with statistical modeling, data mining techniques and machine learning.
Define prescriptive analytics
While prescriptive analytics helps you draw specific recommendations for the future
What should one be aware of when using data that has come from people remote from those who collected it?
What has happened to the data since its collection - need to know this to know if the data is suitable for my purpose and my analysis
How do computers help us? - Four functions and when they were realised?
Computation in 1950s
Storage in 1960s (meant databases were introduced)
Graphics in 1970s
Networks in 1980s
Explain original computation capacity of computers on computer circuits
Circuit was used - closed for true (1), open for false (0). This is a binary system
Define a byte
Cluster of 8 bits
Define a microprocessor
Computer processor where the data processing logic and control is included on a single integrated circuit. The microprocessor contains the arithmetic, logic, and control circuitry required to perform the functions of a computer’s central processing unit.
Explain the meaning of Moores law
Speed of computers doubles every 2/3 years and gets cheaper progressively
What is unique about the change in IT costs comparing to other sectors?
Changes are of a different magnitude. Cost of technology in 2019 vs 2000 is 0.38% as much
Using a comparison between first personal computer describe the developments in storage for computers
1983 IBM made first personal computer which the hard drive held 10 MB. In comparison where storage used to be very costly storage is now almost free and comes by the terabyte.
What is data
Its a starting point for a process to allow betetr decisions - includes raw measurements and is considered to have little or no value until it has been processed and transformed
Explain the meaning of noise
Unrelated data items
What is information
Data that has been process for a purpose making it now meaningful so that it can be interpreted and understood by the recipient.
What is significant about data processing which can affect its interpretation
Data can be processed in different ways to provide different forms of information
What si the general process to organise data into information (ie data transformation)
Classification
Rearranging/ sorting
Aggregating
Performing calculations
Selection
Give examples of how we summarise information for decision making using statistical method, visual method and textual ,method.
Stats - Central tendancy
Visual - charts
Textual - sentiment analysis
Give examples of how we subset information for decision making?
In a data base we can use selection and projection. We can use case based reasoning to provide relevant examples or we can do a full text search
Give examples of how we interpret information for decision making using statistical method, visual method rule based method or machine learning.
Stats - confidence interval
Visual - dashboards
Rule based - expert knowledge on whats good and whats bad
Machine learning - anomaly detection
What is the purpose of operation systems and what do they do to data
These systems process data into standard forms. The main reason we use IT for operation is to save money
What’s the difference between operational systems and information systems
Operational systems aim to save money doing things that need to be done. Information systems aim to provide information for better management decisions
