BCOR 2205 Exam 1 Definitions (Questions + Answers) Verified 100% Correct!!

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 - 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 and history Predictive Analytics - Answer-Use techniques that extract information from data and use it to predict future trends and identify behavioral patterns Prescriptive Analytics - Answer-Use techniques to create models indicating the best decision to make or course of action to take 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 the way to make a design, system, or decision as effective as possible, for example, finding the values of controllable variables that determine maximal productivity or minimal waste. Time-series Information - Answer-Timestamped information collected at a particular frequency Forecasting Model - Answer-Predictions based on time-series information allowing users to manipulate the time series for forecasting activitiesRegression Model - Answer-A statistical process for estimating the relationships among variables Direct-to-consumer - Answer-Ebusiness model where companies build, market, sell, and ship their products themselves, without relying on traditional stores 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 Collective Intelligence - Answer-Collaborating and tapping into the core knowledge of all employees, partners, and customers Knowledge Management - Answer-Involves capturing, classifying, evaluating, retrieving, and sharing information assets in a way that provides context for effective decisions and actions Knowledge Management System - Answer-Supports the capturing, organization, and dissemination of knowledge throughout an organization Cloud Computing - Answer-Stores, manages, and processes data and applications over the internet rather than on a personal computer or server Virtualization - Answer-Creates multiple "virtual" machines on a single computing device CrowdSourcing - Answer-Using the wisdom of the crowdCrowdFunding - Answer-Sources capital for a project by raising many small amounts from a large number of individuals, typically via the internet Synchronous Communication - Answer-occur at the same time such as IM or chat Asynchronous Communication - Answer-Message and response do not occur at the same time; email