Exam #2 Business intelligence

Critical BI System Considerations

-All BI applications must be integrated with other systems such as databases, legacy systems, enterprise systems, e-commerce, and it's usually connected to the internet and, many time, to information systems of business partners

Online Transaction Processing (OLTP)

*****for routine, on going business, high volume, fast processing, and usually operational database -> ERP systems are complimentary to supply chain management

Questions

Which products have the highest demand? Which products will become obsolete soonest? Know what is big data?

Business Intelligence

an umbrella term that combines architectures, tools, databases, analytical tools, applications, and methodologies

business analytics

one of 4 main components of a business intelligence system a collection of tools for manipulating, mining, and analyzing the data in the data warehouse

data warehouse

one of 4 main components of a business intelligence system a place where databases are stored so that they are available when needed -> a place to store a lot of data

user interface

one of 4 main components of a business intelligence system how a user accesses data and then uses the data

Business Performance Management

one of 4 main components of a business intelligence system monitoring and analyzing performance

Executive information system (EIS)

same thing as a decision support system, except, it's designed and developed specifically for executives and their decision-making needs

Business Analytics (BA)

uses data and statistical methods to gain insight into the data and provide decision makers with information they can act on

Online Analytical Processing (OLAP)

uses data warehouses *******- typically a distinct system that provides storage for data that will be used for analysis -goal is for decision support ******-uses queries to investigate hypothesized relationships among data

3 V's of Big Data

1. Volume 2. Velocity: speed at which the data is being generated 3. Variety: different kind of data

Decision Support System (DSS)

A computer-based system that provides interactive support to managers during the decision making process -gathers data from a variety of sources and assists in providing structure to the data by using various analytical models and visual tools in order to facilitate and improve the ultimate outcome in decision-making tasks associated with nonroutine and nonrepetitive problems

Prescriptive

Business analytics type: What should I do? Why should I do it? seeks to recognize what is going on as well as the likely forecast and make decisions to achieve the best performance possible

Descriptive

Business analytics type: -focuses on what was happening or what is happening

Predictive

Business analytics type: -looking at data and saying, what do we think will happen in the future? Not only what will happen, but why will it happen? -Based on this, I predict this will happen in the future

major objective of business intelligence

a ____ _ _ _ ___ is to enable interactive access to data, enable manipulation of data, and to get managers and analysts the ability to conduct analysis. This process is based on a transformation of data to information then decision and finally actions

Four

a business intelligence system has ___ main components -data warehouse, business analytics, business performance management, user interface