ISDS 415 CH. 1 AN overview of business intel, analysis and data science questions and answers 2023/2024

What are some things the front office takes care of? - Correct Answers fan behavior, season ticket renewals, tweets, financial analysis What are some things the back office takes care of? - Correct Answers analysis of individual players, team play, recruiting & scouting, strength and fitness development What is dynamic pricing? - Correct Answers pricing changes based on team record, who they play, date, time etc. What are some changes that lead to the need of decision support and analytics? - Correct Answers 1. group communication and collaboration 2. improved data management - can search and store more easily 3. managing giant data warehouses & big data 4. Analytical support - more data analytics technology 5. overcoming cognitive limits in processing & storing info- people have limits computers help over come them 6. knowledge management 7. anywhere anytime support What kind of info systems was around in the 1970's-1980's? - Correct Answers role base expert systems What kind of info systems was around in the 1980's? - Correct Answers enterprise level - integrated What kind of info systems was around in the 1990's? - Correct Answers executive info systems- graphical dashboards and score cards to keep track of KPIs What kind of info systems was around in the 2000's? - Correct Answers real time data warehouse - need data mining and text mining What kind of info systems was around in the 2010's? - Correct Answers Bid data- b/c of internet lots of data Define BI - Correct Answers combines architectures, tools, databases analytical tools, applications and methodologies What is BI objective? - Correct Answers to enable interactive access to data to enable manipulation of data and give business managers and analyst the ability to conduce appropriate analyses. What are the 4 component that make up a BI? - Correct Answers 1. Data warehouse- data 2. business analytics - tools 3. BPM- monitor an analyzing performance 4. user interface- dashboard What was the reason a bi was created? - Correct Answers Managers needed right info, right time, right place What is the difference between transaction and analytic processing? - Correct Answers tran (OLTP)- handles a companies routine on going business analytic- scour data for info Where is transactional processing mostly used? - Correct Answers Operational in enterprise resource planning and supply chain management are stored in OLTP system -info goes in but nothing comes out How can real time on demand BI be achieved? - Correct Answers 1. use a innovative bi platform that providers provide a service-oriented, near real time solution that populates the dw much faster than the typical nightly updates. 2. Business activity management (BAM) it by passes the DW entirely and uses web services or other monitoring means to discover key business events. What is descriptive analytics - Correct Answers knowing what is happening in the organization and understanding some underlying trends and causes of such occurrences Predictive analytics - Correct Answers Aims to determine what is likely to happen in the future. What is predictive analytics based on - Correct Answers statistical techniques and data mining Prescriptive analytics - Correct Answers Goal is to recognize what is going on as well as the likely forecast and make decisions to achieve the best performance possible. Aim to optimize performance of a system. What is prescriptive analytics termed? - Correct Answers decision or normative analytics What are some examples of analytics applied? - Correct Answers 1. web analytics 2. text 3. web data 4. retail 5. fraud 6. transportion 7. health 8. sports 9. talent 10. behavior 11. etc What do data analyst do? - Correct Answers do BI in the form of data compilation, cleaning, reporting, some visualization. Use descriptive and reporting analytics What do data scientist do? - Correct Answers Predictive analytics, statistical analysis more advanced analytical tools and algorithms. write code What analytics do data analyst use? - Correct Answers Use descriptive and reporting analytics What analytics do data scientist use? - Correct Answers predictive and prescriptive What is big data - Correct Answers data that cannot be stored in one single storage unit