CHAPTER 6 ITM

Analytics

The extensive use of data and quantitative analysis to support fact-based decision making within organizations.

big data

Data collections that are so enormous and complex that traditional data management software, hardware, and analysis processes are incapable of dealing with them.

business intelligence

A range of applications and technologies for the extraction, transformation, integration, visualization, interpretation, and presentation of data to support improved decision making.

conversion funnel

A graphical representation that summarizes the steps a consumer takes in making the decision to buy your product and become a customer.

Cross-Industry Process for Data Mining (CRISP-DM)

A six-phase structured approach for the planning and execution of a data mining project.

data lake

A 'store everything' approach to big data that saves all the data in its raw and unaltered form.

data mart

A subset of a data warehouse used by small- and medium-sized businesses and departments to support decision making.

data mining

A BI analytics tool used to explore large amounts of data for hidden patterns to predict future trends and behaviors.

data scientist

An individual who combines business acumen, a deep understanding of analytics, and appreciation of the limitations of data to improve decision making.

data warehouse

A large database that holds business information from many sources in the enterprise, covering all aspects of the company's operations.

descriptive analysis

A preliminary data processing stage used to identify patterns and answer questions about who, what, where, when, and to what extent.

Extract Load Transform (ETL) process

A data handling process that takes data from various sources, transforms it, and loads it into the data warehouse.

genetic algorithm

An approach to solving problems based on the theory of evolution, aiming to find approximate solutions to optimization problems.

Hadoop

An open-source software framework for storing and processing extremely large data sets.

Hadoop Distributed File System (HDFS)

A system for data storage that divides data into subsets and distributes them onto different servers for processing.

in-memory database (IMDB)

A database management system that stores the entire database in random access memory (RAM).

linear programming

A technique for finding the optimum value of a linear expression based on decision variables that are subject to constraints.

MapReduce program

A program consisting of a Map procedure for filtering and sorting and a Reduce method for performing a summary operation.

Monte Carlo simulation

A simulation that shows a spectrum of thousands of possible outcomes, considering multiple variables and their potential values.

NoSQL database

A way to store and retrieve data that uses models other than traditional relational databases.

predictive analytics

Techniques used to analyze current data to identify future probabilities and trends.

regression analysis

A method for determining the relationship between a dependent variable and one or more independent variables.

scenario analysis

A process for predicting future values based on potential events.

self-service analytics

Techniques and processes that empower users to independently access data and perform analyses.

text analysis

A process for extracting value from large quantities of unstructured text data.

time series analysis

Statistical methods to analyze time series data and determine characteristics about the data.

video analysis

The process of obtaining information or insights from video footage.

visual analytics

The presentation of data in pictorial or graphical format.

word cloud

A visual depiction of words grouped together based on frequency of occurrence.