Exam Chapter 1. What is business Analytics? (Correct Answers provided)

Business Analytics - Answer-- the practice and art of bringing quantitative data to bear on decision making. Business Intelligence - Answer-- Data visualization and reporting for understanding "what happened and what is happening." -- Done by the use of charts, tables, and dashboards to display, examine, and explore data. Data mining - Answer-- Business analytics methods that go beyond counts, descriptive techniques, and reporting, and methods based on business rules. Machine learning - Answer-- refers to algorithms that learn directly from data, especially local patterns, often in layered or iterative fashion. Statistical models - Answer-- refers to methods that apply globe structure to the data. Overfitting - Answer-- where a model is fit so closely to the available sample of data that it describes not merely structural characteristics of that data but random peculiarities as well. Big data - Answer-- data today are big by reference to the past, and to the methods and devices available to deal with them. Challenges with big data - Answer-- Often characterized by the four V's -- Volume -- Velocity -- Variety -- Veracity Challenges with big data - Volume - Answer-- Refers to the amount of data Challenges with big data - Velocity - Answer-- Refers to the flow rate - the speed at which it is being generated and changed. Challenges with big data - Variety - Answer-- Refers to the different types of data being generated (currency, dates, numbers, text, ect.).