Business Analytics- Questions with 100% Correct Answers- Latest Update- 2022/2023

business analytics - Answer-the skills, technologies, practices for continuous iterative exploration and investigation of past business performance to gain insight and drive business planning business analytics focuses on - Answer-developing new insights and understanding of business performance based on data and statistical methods big data - Answer-a broad term used to describe the exponential growth and availability of data, both structured and unstructured three Vs - Answer--volume -velocity -variety volume - Answer--transaction-based data -unstructured data streaming in from social media -sensor and machine-to-machine data velocity - Answer--RFID tags, sensors and smart metering all drive real-time processing need -multimedia streaming -mobile computing variety - Answer--structured, numeric data in traditional databases -unstructured text documents, email, video, audio, stock ticker data and financial transactions data rich, information poor - Answer--every second: 2 million emails; 31,000 text messages; 162,000 instant messages -total online computer storage: in 2007 - 246 EB; in 2010 - 600 EB -drowning in data & starving for information data sizes - Answer--kilobyte: thousand; typewritten page -megabyte: million; small novel -gigabyte: billion; pickup truck filled with books -terabyte: trillion; library of congress -petabyte: quadrillion; all print material -exabyte: quintillion; all human words ever spoken data warehouse - Answer--used to extract and clean data from operational systems -prepares data for business intelligence -managed by experts at data mgmt., cleaning, transformation, etc. data mart - Answer--data collection - created to address particular needs -smaller than data warehouse -users may not have data mgmt. expertise data mining - Answer--the automated search for non-obvious patterns in large database -non-trivial discovery of novel, valid, comprehensible and potentially useful patterns from data patterns - Answer-relationship in data unsupervised data mining - Answer--analysts do not create model before running analysis -apply data-mining technique and observe results -hypotheses created after analysis as explanation for results -ex: cluster analysis supervised data mining - Answer--model developed before analysis -statistical techniques used to estimate parameters -ex: regression analysis; neural networks data mining tasks - Answer--clustering -classifications -regressions -association detection clustering - Answer--similar records are grouped together -does not rely on predefined categories; being grouped together on the basis of self-similarity -ex: market segmentation: identify customers with similar buying behavior -common algorithm: k-means analysis RFM analysis - Answer--analyzing and ranking customers according to purchasing patterns -considers how recently and frequently customers order and how much money customers spend per order classification - Answer--arranges data into predefined groups -ex: classify credit applicants as low, medium, or high risk -classify customers as "loyal" vs "likely to terminate contract" -common algorithm: decision tree analysis