Data Analytics First Exam (2023/24) | Questions & Answers (Graded A+)

Data Analytics First Exam (2023/24) | Questions & Answers (Graded A+) Data Analytics First Exam (2023/24) | Questions & Answers (Graded A+) what factors have contributed to the growth of analytics - ANSWER - •Group communication and collaboration - collaboration from anywhere •Improved data management - data everywhere and in every format •Managing giant Data Warehouses and Big Data - more and more flexible data repositories •Analytical support - more access to human expertise •Overcoming cognitive limits in processing/storing info - technology expanding power of human mind •Knowledge Management - capture of human expertise (Explicit & Tacit knowledge) •Anywhere, anytime support - 24/7 wireless connectivity What terms were the predecessors of Analytics? What terms were the predecessors of Data Science? - ANSWER - Analytics: decision support systems, management info systems, business intelligence, data analytics Data science: AI, expert systems, data mining, predictive analytics What is Business Intelligence (BI) and what is the overall process of BI? - ANSWER - •Business Intelligence (BI) is an umbrella term that combines architecture, tools, databases, analytical tools, applications, and methodologies. •The overall process of BI is based on the transformation of data to information, then to decisions, then to actions. What are the 4 main components of BI Architecture? - ANSWER - 1.Data Warehouse 2.Analytics Tools 3.Business Performance Management (BPM) 4.User Interface What is OLTP? What is the difference between OLTP systems and BI/Analytics systems? - ANSWER - •OLTP (Online Transaction Processing) ̶ Systems that handle day-to-day business operations for a company. OLTP Systems are data-capturing systems. •Analytics Systems ̶ Systems that allow data to be queried for analysis and decision-making. Analytics Systems are data-retrieving systems. •OLAP (Online Analytical Processing) Systems are an example of Analytics Systems. OLAP involves Multidimensional Cubes. What is a Data Warehouse (DW)? - ANSWER - •Data Warehouse - Large repository of structured data (simple definition) •More complex definition: Large, clean, standardized, integrated, time-stamped, and subject-oriented data repository. •The "Walmart of data!" The one-stop-shop for all of an organization's (structured) data. What are the functions of a BI Competency Center? - ANSWER - •Demonstrates how BI linked to Corporate Strategy •Encourages interaction between Business Users and IS Organization •Serve as repository of BI Best Practices •Advocates and encourages BI Standards of Excellence throughout company •Can be resource to IS Organization on Business User needs •Can help IS Organization adapt DW to changing business requirements •Can help Executives and other Stakeholders recognize the value of BI in the company a. Demonstrates for BI linked to corporate strategy b. Encourages interaction between business users and IS organization c. Serve as a repository of BI best practices d. Advocated and encourages BI standards Etc.