CPCU 550 Maximizing Value with Data and
Technology Ch. 1 Exam Q’s and A’s
data science - -an interdisciplinary field involving the design and use of
techniques to process very large amounts of data from a variety of sources
to provide knowledge based on the data
- big data - -sets of data that are too large to be gathered and analyzed by
traditionally methods. has greater volume, variety and velocity than
traditional data.
- data driven decision making - -an organizational process to gather and
analyze relevant and verifiable data and then evaluate the results to guide
business strategies
- predictive modeling - -a process in which historical data based on
behaviors and events is blended with multiple variables and used to
construct models of anticipated future outcomes
- telematics - -the use of technological devices in vehicles with wireless
communication and GPS tracking that transmit data to businesses or
government agencies; some return information for the driver.
- text mining - -obtaining information through language recognition
- The Internet of Things - -is a network of objects that transmit data to each
other and to central hubs through the internet
- data mining - -the analysis of large amounts of data to find new
relationships and patterns that will assist in developing business solutions
- actuaries - -a person who uses mathematical methods to analyze
insurance data for various purposes, such as to develop insurance rates or
set claim reserves.
- domain knowledge - -information related to the context of the information
a data scientist is working with
- European Union General Data Protection Regulation (GDPR) - -provides
consumers with strict data privacy rights surrounding data consent, data
portability and breach notifications. If US org does business with individuals
in the EU, they may have to follow this.
- structured data - -data organized into databases with defined fields,
including links between databases
Technology Ch. 1 Exam Q’s and A’s
data science - -an interdisciplinary field involving the design and use of
techniques to process very large amounts of data from a variety of sources
to provide knowledge based on the data
- big data - -sets of data that are too large to be gathered and analyzed by
traditionally methods. has greater volume, variety and velocity than
traditional data.
- data driven decision making - -an organizational process to gather and
analyze relevant and verifiable data and then evaluate the results to guide
business strategies
- predictive modeling - -a process in which historical data based on
behaviors and events is blended with multiple variables and used to
construct models of anticipated future outcomes
- telematics - -the use of technological devices in vehicles with wireless
communication and GPS tracking that transmit data to businesses or
government agencies; some return information for the driver.
- text mining - -obtaining information through language recognition
- The Internet of Things - -is a network of objects that transmit data to each
other and to central hubs through the internet
- data mining - -the analysis of large amounts of data to find new
relationships and patterns that will assist in developing business solutions
- actuaries - -a person who uses mathematical methods to analyze
insurance data for various purposes, such as to develop insurance rates or
set claim reserves.
- domain knowledge - -information related to the context of the information
a data scientist is working with
- European Union General Data Protection Regulation (GDPR) - -provides
consumers with strict data privacy rights surrounding data consent, data
portability and breach notifications. If US org does business with individuals
in the EU, they may have to follow this.
- structured data - -data organized into databases with defined fields,
including links between databases
