Business Analytics exam 1

Steps of analytical process (7)

1. business problem

2. data collection

3. Descriptive analysis

4. predictive analysis

5. prescriptive analysis

6. actionable business decisions

7. New business problem

Quantitative Data definition

numerical data that ca nbe measured

must have units to make sense

Can create mathematical equations

either Discrete or Continuous

Discrete data definition

WHOLE numbers only

Continuous Data definition

Numbers that include fractions and decimals

Qualitative data definition

data is non-numerical

cannot do calculations

describes with words

either Nominal or Ordinal

Ordinal data definition

order matters!

Ex. Alphabetical

Nominal data definition

order does not matter

Point of Sale system (POS)

accepts payments from customers.

Keeps track of sales/inventory for online and physical stores

Click Stream Data System (CSD)

The pathway a user takes through their online searches; tracks users navigation behavior on business websites

Business provides links to click on Ex. amazon and Google

Social Media Data

captures users interactions and opinions from user posted data, sharing ideas, thoughts etc

User provides path/data Ex. Facebook, Instagram

Sensor data

a device that detects the change in the environment

Small and cheap

Confidential vs anonymous data

Confidential- identification is coded but known by someone in charge

Anonymous- no identification known by anyone