OMIS 472 FINAL EXAM 2024 GRADED A+

OMIS 472 FINAL EXAM 2024 GRADED A+ Data analytics - a process that involves: (a) identifying the problem (b) gathering relevant data that frequently are not in a usable form (c) cleaning up the data to make them usable (d) loading them into data storage models (e) manipulating them to discover information that leads to actionable insights (f) making decisions based on those insights Data analytics enables us to answer the following questions: - - What has happened in the past? - Why did it happen? - What could happen in the future? With what certainty? - What actions can we take now to support or prevent certain events from happening in the future? - Can some of the actions resulting from our insights be automated? Data - are the raw figures, numbers, or text that serve as the starting point of analysis Information - when they reveal the causes or results of the event When information is given meaning, we gain __________ and understanding of the data. - Knowledge Knowledge - - is created when we learn from information. - provides the answer to why something is the way it is.; for example, which customers did not buy from us because of pricing and which customers did not buy from us because of quality? Wisdom - - is acquired when knowledge is gathered over time. - is the deep understanding of underlying principles and behaviors Decision - - Wisdom coupled with a goal yields a _______ - We can implement the _________ into action to influence and guide our direction Data Science - - which is the intersection of computer science, statistics and domain knowledge - involves the use of computers to acquire knowledge by analyzing large amounts of data using models and domain expertise Data Analytics - is a process that involves: (a) identifying the problem (b) gathering relevant data that frequently are not in a usable form (c) cleaning up the data to make them usable (d) loading them into data storage models (e) manipulating them to discover information that leads to actionable insights (f) making decisions based on those insights Business Intelligence - - has been used to describe analytics in the context of business data. - focuses primarily on business data, financial data, and marketing data to gain business value, customer loyalty, and other benefits Application of Analytics - - Retail - Manufacturing - Marketing - Supply Chain - Customer Service - Forecasting and Budgeting - Audits and Analysis of Internal Control - Government - Utilities - Financial Investors - Scientists - Medicine - Sports - Fraud Prevention - Law Enforcement Structured Data - computer-readable and usable Examples of Structured Data - - databases - spreadsheets - flat files - other systems with fields or cells, rows, and columns Applications of Structured Data - - database about restaurants. - It stores attributes such as restaurant name, location, phone number, and cuisine Unstructured Data - meaning that they do not conform to data models and associated metadata Examples of Unstructured Data - - pictures - audio recordings - videos - commonly consist of blocks of text.