What are Ad Hoc Reports?
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Customized reports useful for obtaining specific data required by business users.
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What are Ad Hoc Reports?
Customized reports useful for obtaining specific data required by business users.
What is the focus of inferential statistics?
To compare differences between two groups of buyers.
What does data science support?
Reasoning and decision making under various sources of uncertainty.
What is an alert?
An automated message or notification indicating that a predefined event or error condition has occurred.
What is the foundation of data analytics?
Having appropriate data that are of sufficient quality and appropriately organized for the analysis task.
How can business users generate their own reports?
By modifying standard report queries or filter values to get real-time data on demand.
What is another example of a custom report?
A report describing the number of hospital patients for every diagnosis code for each day of the week.
What is the primary focus of the course IT3080?
Introduction to Data Science and Analytics.
How does business forecasting benefit a company?
It allows the company to make long-term plans and prepare for changes in the market.
How does optimization differ from other statistical analyses?
It provides the actual answer rather than just driving exclusions.
Are standard reports useful for long-term decision making?
They are useful to some extent, but not for making long-term decisions.
How can business experts utilize statistics?
To solve their problems.
What is an example of business forecasting?
Time series forecasting sales revenue in the future.
What is an example of a standard report?
Monthly or quarterly financial reports.
What is the purpose of statistical analysis?
To analyze and interpret numerical data for making inferences about a population from sample data.
What is the primary purpose of optimization in business analysis?
To identify the best possible action for a situation.
What can businesses identify by analyzing user data?
Current and potential audience, emerging trends, and how audiences interact with content.
What is the focus of the management aspect of data science?
The management and processing of data.
What type of decisions consider the entire organization?
Strategic decision making.
What should organizations consider when making plans?
What plans should we make?
What action needs to be taken in operational decision making?
What action needs to be taken?
What technique is used to predict future trends based on historical data?
Forecasting.
What are some techniques included in data analytics?
Data mining, text analytics, machine learning, statistical learning, and mathematical optimization.
What is business forecasting?
A projection of a business’s future developments based on trends, patterns, and current and historical data analysis.
Why is understanding user-created data useful for business organizations?
It helps in identifying current and potential audiences, emerging trends, audience interactions, and customer sentiments.
What is Online Analytical Processing (OLAP)?
A technology that performs multidimensional analysis at high speeds on large volumes of data.
What is the first common data processing task?
Data assessment and cleaning.
What is a key question in strategic decision making?
What is the trend?
How many posts do Facebook users like every minute?
More than 4 million.
What does OLAP stand for in data analysis?
Online Analytical Processing.
What type of analysis involves interpreting data to find patterns?
Statistical Analysis.
What is the importance of comparing different data analytics techniques?
To choose the most suitable method for specific data analysis needs.
Name a technique used in predictive modeling.
Association Rule Mining.
Why can human decision makers make mistakes?
Because they cannot oversee everything happening within the business.
What is data science?
A multidisciplinary field that deals with technologies, processes, and systems to extract knowledge and insight from data.
How can understanding user data improve a business?
By enhancing business potential, expanding the customer base, and refining marketing strategies.
What is another example of a standard report besides financial reports?
Monthly sales reports.
What role does information play in creating business value?
Information is processed data that provides context and relevance for decision-making.
What type of decisions relate to daily operations?
Operational decision making.
What is a key question in operational decision making?
What’s happening right now?
What is predictive analysis used for?
To forecast outcomes based on data patterns.
What is another technique used in predictive analysis?
Classification.
What is a common issue in decision making within business organizations?
Decisions often occur based on instincts or gut feeling.
Give an example of an Ad Hoc Report.
A report showing how many items were sold over a certain period.
What does optimization focus on in decision making?
Discovering the optimal suggestion for a process.
What is the primary purpose of alerts?
To allow users to receive critical business information quickly and efficiently.
What is the third common data processing task?
Data transformation.
What is one technique used to derive business value from data?
Predictive analytics, which forecasts future trends based on historical data.
What is data-driven decision making?
A process of making decisions based on data analysis and interpretation.
What is involved in the management and processing of data?
Organizing, storing, and maintaining data for effective use.
What role does visualization play in data science?
It helps in reporting and understanding data insights effectively.
Why is data preparation necessary before analytics?
Because data seldom arrive in a suitable state and need to be transformed into a proper form for analysis.
What should be done prior to data analytics?
Data should be specially prepared for the task of analytics.
What does descriptive statistics help identify?
Mean, median, and mode of sales in a month.
What is the benefit of data-driven decision making?
It helps make business decisions backed up by analyzed data.
What does causal analysis aim to identify?
Factors affecting a person's decision to go for digital banking.
What do standard reports typically describe?
They describe just 'what happened' in a particular area.
What capability does OLAP provide to users?
The ability to analyze multidimensional data interactively from multiple perspectives.
What insights can businesses gain about active customers from user data?
Understanding what active customers think and feel about the brand.
What does the analytical aspect of data science involve?
Analytical methods and theories for data analysis and optimization.
Give an example of a query that can be performed using OLAP.
Find the number of laptops sold in Q1 in Australia.
What percentage of the data on the internet has been created since 2016?
90%.
What is the significance of wisdom in business intelligence?
Wisdom involves applying knowledge to make sound decisions that create long-term value.
What is data science?
A field that uses scientific methods, processes, algorithms, and systems to extract knowledge and insights from structured and unstructured data.
What are the different types of data?
Qualitative, quantitative, structured, and unstructured data.
How many tweets are posted per day?
656 million tweets.
What are the two main aspects of data science?
Management and processing of data, and analytical methods and theories for data analysis and optimization.
What are the levels of intelligence that contribute to creating business value?
The levels include data, information, knowledge, and wisdom.
What is the second common data processing task?
Data integration.
What are the two types of reports used in data analysis?
Standard and Ad-hoc reports.
What is the primary goal of data analytics?
To analyze data to make informed decisions and derive actionable insights.
What is the trend in data creation by businesses and users?
They produce massive amounts of data every day.
What does the second aspect of data science and analytics involve?
Data analytics, including data mining, text analytics, machine and statistical learning, mathematical optimization, and visualization.
Which predictive modeling technique involves estimating relationships among variables?
Regression.
What is the key mechanism that allows OLAP to achieve high performance?
The use of aggregations.
What is another example of a query that can be performed using OLAP?
Find the revenue from selling TVs from all continents in Q2.
What is a key benefit of data-driven decision making?
It allows for more informed and objective decisions based on data analysis.
How many pictures do Instagram users post every minute?
46,740 pictures.
How can data types be represented?
Using charts, graphs, tables, and other visualization methods.
How does data science contribute to business value?
By enabling data-driven decision making and optimizing processes.
What is the purpose of predictive analysis?
To make predictions of future events based on current and past data.
How are alerts typically delivered?
Via email and other communication methods.
Give an example of how alerts can be used in a business context.
A store manager can be automatically informed when in-stock levels of critical items fall below or rise above a certain threshold.
What is the purpose of alerts in data analysis?
To notify users of significant changes or events.
What does data science and analytics involve?
The study and application of methods to analyze and interpret complex data.
What are techniques to derive business values from data?
Methods used to extract insights and actionable information from data to enhance business performance.
What is a technique in predictive modeling that mimics the human brain?
Neural Networks.
How does data contribute to business value?
Data serves as the raw material for generating insights and making informed decisions.
How is knowledge defined in the context of business intelligence?
Knowledge is the understanding and awareness gained from analyzing information.
What types of data can data science work with?
Both structured and unstructured data.
What is the first aspect of data science and analytics?
Data systems such as databases and warehousing, including data cleaning, engineering, monitoring, reporting, and visualization.
What is the purpose of data cleaning in data systems?
To prepare data for analysis by removing inaccuracies and inconsistencies.
What are some common techniques used in data science?
Statistical analysis, machine learning, data mining, and predictive modeling.
What is the role of algorithms in data science?
To process data and extract meaningful patterns and insights.
What is a common method to compare data analytics techniques?
Evaluating their effectiveness, accuracy, and applicability to specific business problems.
What does optimization in data analysis aim to achieve?
To find the best solution or outcome from a set of options.