Introduction to Business Analytics & Data Basics

These flashcards cover the essential concepts and definitions related to Business Analytics and Data Basics, helping students prepare for the exam.

What is Business Analytics (BA)?

The process of using data, statistics, and technology to understand business performance and make better decisions.

How does Business Analytics differ from Business Intelligence (BI)?

BI focuses on reporting what happened, whereas Business Analytics involves prediction and prescription of what will happen and what to do.

What are the Four Types of Analytics?

Descriptive, Diagnostic, Predictive, Prescriptive.

What does Descriptive Analytics answer?

'What happened?' by summarizing historical data.

What is an example of Diagnostic Analytics?

Finding that sales dropped in Region B due to a competitor's new store opening.

What does Predictive Analytics help us to understand?

Forecast future outcomes.

What is the purpose of Prescriptive Analytics?

Recommends the best actions to take.

Define Data in the context of Business Analytics.

Raw facts and figures such as numbers, text, and dates.

What is the difference between Information and Insights?

Information is processed data that has been organized, while Insights are actionable understandings that lead to decisions.

What are the three types of Data?

Structured, Unstructured, and Semi-Structured.

What are the '3 Vs' of Big Data?

Volume, Velocity, Variety.

What does ETL stand for?

Extract, Transform, Load.

What is the purpose of a Data Warehouse?

It’s a central storage for analysis, not for daily transactions.

What are the six key dimensions of data quality?

Accuracy, Completeness, Consistency, Timeliness, Validity, Uniqueness.