BCOR 2205 Quiz 1 Questions & Answers Graded A+

Information Age - Answer-The present time, during which infinite quantities of facts are widely available to anyone who can use a computer Internet of Things (IoT) - Answer-a world where interconnected, Internet-enabled devices or "things" can collect and share data without human intervention Big Data - Answer-a collection of large, complex data sets, including structured and unstructured data, which cannot be analyzed using traditional database methods and tools Structured Data - Answer-Stored in a traditional system such as a relational database or spreadsheet Unstructured Data - Answer-Not defined and does not follow a specified format Business Intelligence - Answer-Information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making Business Analytics - Answer-The scientific process of transforming data into insight for making better decisions Descriptive Analytics - Answer-Use techniques that describe past performance history Predictive Analytics - Answer-extracts information from data and uses it to predict future trends and identify behavioral patterns Prescriptive Analytics - Answer-Techniques that take input data and yield a best course of action Knowledge - Answer-Skills, experience, and expertise coupled with information and intelligence that creates a person's intellectual resourcesData Mining - Answer-The process of analyzing data to extract information not offered by the raw data alone Data Profiling - Answer-The process of collecting statistics and information about data in an existing source Data Replication - Answer-The process of sharing information to ensure consistency between multiple data sources Recommendation Engine - Answer-A data-mining algorithm that analyzes a customer's purchases and actions on a website and then uses the data to recommend complementary products Classification - Answer-Assigns records to one of a predefined set of classes Estimation - Answer-Determines values for an unknown continuous variable behavior or estimated future value Affinity Grouping - Answer-Determines which things go together Clustering - Answer-Segments a heterogeneous population of records into a number of more homogeneous subgroups Optimization Model - Answer-A statistical process that finds a way to make a design, system, or decision as effective as possible Time-Series Information - Answer-Time-stamped information collected at a particular frequency Forecasting Model - Answer-Predictions based on time-series information allowing users to manipulate the time series for forecasting activities Regression Model - Answer-A statistical process for estimating the relationships among variablesDirect-to-Consumer (DTC) - Answer-Ebusiness model where the companies build, market, sell, and ship their products themselves, without relying on traditional sores or intermediaries Open System - Answer-Nonproprietary hardware and software based on publicly known standards that allows third parties to create add-on products to plug into or interoperate with the system Open Source Software - Answer-Refers to any software whose source code is made available for free for any third party to review or modify User-Contributed Content - Answer-Created and updated by many users for many users Collaboration System - Answer-Tools that support the work of teams or groups by facilitating the sharing and flow of information