Info Management Quiz 1

Wide area networks (WAN)

spans a large geographic area, such as a state, province, or country - WAN's often connect multiple smaller networks such as, local area networks (LAN) or metropolitan networks (MAN)

Prescriptive Analytics

techniques that create models indicating the best decision to make or course of action to take

Knowledge Examples

- Choosing not to fire a sales representative who is underperforming knowing that person is experiencing family problems. - Listing products that are about to expire first on the menu or creating them as a daily special to move the product

Veracity

- Dirty data Untrusted data

Big Data

- Massive amount of "stuff" (data) - we can't use traditional statistical methods to interpret big data

Human Futures

- contracts between producer and supplier provide safety for changing market prices - a risk management tool that focuses on balance

Optimization Model Example

- determine which products to produce given a limited number of ingredients - choose a combination of projects to maximize overall earnings

Regression Model example

- predict the winners of a marathon based on gender, height, weight, hours of training - explain how the quantity of weekly sales of a popular brand of beer depend on its price at a small chain of supermarkets

Data brokers

- take data and sell it - turning data into cash flow

Predictive Analytics

- techniques that extract info from data to predict future trends and identify behavioral patterns ex. using past sales data to predict future sales

Data warehousing

- the collection, storage, and retrieval of data in electronic files - Data warehouses are collections of data from different information systems - Transforming the data into a consistent format is a key part of data warehouse formation

Forecasting model example

- web visits per hour - sales per month - customer service calls per day

Data Mining Analysis Techniques

1. Data Profiling 2. Data Replication 3. Recommendation Engine 4. estimation analysis 5. Affinity grouping analysis 6. cluster analysis 7. classification analysis

Optimization Model

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.

Analytics vs. Business Analytics

Analytics: the science of data based decision making Business Analytics: the scientific process of transforming data into insight for making better business decisions

Clean Vs. Dirty data

Clean if: authentic, reliable, complete

Information

Data converted into a meaningful and useful context

Types of Analysis

Descriptive analytics, predictive analytics, prescriptive analytics

Business Intelligence

Information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making

Networks

Local area network (LAN), Wide area network (WAN), Metropolitan area network (MAN)

Variety

Numbers, dates, geospatial, audio, video, pictures, structured/unstructured

Data Models

Optimization model, forecasting model, regression model

Data Examples

Order date, amount sold, customer number, quantity sold

PAN

Personal area network provides communication for devices owned by a single user that works over a short distance

Knowledge

Skills, experience, and expertise coupled with information and intelligence that creates a person's intellectual resources

Structured vs. Unstructured Data

Structured: data that can be stored in traditional system such as a relational database or spreadsheet Unstructured: not defined and does not follow a specific format

Forecasting Model

Time-series information is time-stamped information collected at a particular frequency. Forecasts are predictions based on time-series information allowing users to manipulate the time series for forecasting activities.

Four V's of Big Data

Volume, Velocity, Variety, Veracity

Recommendation engine

a data mining algorithm that analyzes a customers purchases and actions on a website and then uses the data to recommend complementary products

Metropolitan Network (MAN)

a large computer network usually spanning a city; most colleges, universities, and large companies that span a campus use an infrastructure supported by a (MAN)

Regression Model

a statistical process for estimating the relationships among variables; regression models include many techniques for modeling and analyzing several variables when the focus is on the relationship between a dependent variables and one or more independent variables

Cluster Analysis

a technique used to divide an information set into mutually exclusive groups such that the members of each group are as close together as possible to one another and the different groups are as far apart as possible

Volume

amount of traffic coming through

Velocity

analysis of streaming data - Clickstreeams and ad impressions capture user behavior at millions of events per second - High frequency stock trading algorithms reflect changes within microseconds - Data dispersed to devices quickly (Amber alert, social media posts)

Information Examples

best-selling product, best customer, worst-selling product, worst customer

Authentic data

data has been validated

Local Area Network (LAN)

designed to connect a group of computers in proximity to each other such as in an office building, a school, or a home - useful for sharing resources such as files, printers, games, or other applications

estimation analysis

determines values for an unknown continuous variable behavior or estimated future value

Reliable data

easier for users to find the right records; users can focus on their jobs; fewer customer mistakes

Internet of Things

internet enabled stuff in our world

Business Intelligence Examples

lowest sales per week compared with the economic interest rates, best-selling product by month compared to sports season and city team wins and losses

Data

raw facts that describe the characteristics of an event or object

Complete data

reduces user frustrations and objections; users know what to input; helps to close deals and close cases faster

affinity grouping analysis

reveals the relationship between variables along with the nature and frequency of the relationships

Descriptive Analytics

techniques that describe past performance and history ex. creating a report that includes charts and graphs that explain the data

Surveillance Capitalism

the monetization of data captured through monitoring people's movements and behaviors online and in the physical world - Behavioral data is combined w/ machine intelligence capabilities and produces a prediction product: predictions of what we will do now, soon, and later

Data Mining

the process of analyzing data to extract information not offered by the raw data alone ex. excel data has 10,000 lines (we can't look at 10,000 lines) data mining allows us to look at this data and make meaning from it

Data profiling

the process of collecting statistics and information about data in an existing source

Classification Analysis

the process of organizing data into categories or groups for its most effective and efficient use

Data replication

the process of sharing information to ensure consistency between multiple data sources

What happens when converting data into information?

there is an analysis gap from moving collected data into information required in order to make decisions

Sentiment Analysis

we can categorize opinions from text (twitter); score things like happiness, anger, sadness