1. Identify and define the problem 2. Determine the criteria that will be used to evaluate alternative solutions 3. Determine a set of alternative solutions 4. Evaluate alternative solutions 5. Choose an alternative
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Business Analytics
Transforming data into insight to make better decisions.
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Descriptive Analytics
Set of techniques that describes what happened in the past.
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Data Query
Request for information with certain characteristics from a database.
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Data Dashboards
Collections of tables, charts, maps, and summary statistics that are updated as new data becomes available.
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Data Mining
Use of analytical techniques for better understanding patterns and relationships that exist in large data sets.
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Predictive Analytics
Techniques that use models constructed from past data to predict the future or ascertain the impact of one variable of another.
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Simulation
The use of probability and statistics to construct a computer model to study the impact of uncertainty in a decision.
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Prescriptive Analytics
Indicates a course of action to take, the output is a decision.
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Rule-Based Models
Models that rely on a rule or set of rules.
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Optimization Models
Models that give the best decision subject to the constraints of the situation.
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Simulation Optimization
Combines the use of probability and statistics to model uncertainty with optimization techniques to find good decisions in highly complex and highly uncertain settings.
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Decision Analysis
Used to develop an optimal stategy when a decision maker is faced with several decision alternatives and an uncertain set of future events.
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Utility Theory
Assigns values to out-comes based on the decision maker’s attitude towards risk, loss, and other factors.
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Big Data
Any set of data that is too large or too complex to be handled by standard data-processing techniques.
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Technologies Mentioned
Hadoop, MapReduce, and IoT
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Data Security
Protection of stored data from destructive forces or unauthorized users.
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Data Scientists
People who know how to effectively process and analyze massive amounts of data.
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Advanced Analytics
Another term used to refer to Prescriptive and Predictive analytics.
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Types of Analytics in Practice:
* Financial Analytics * Human Resources Analytics * Marketing Analytics * Healthcare Analytics * Supply Chain Analytics * Analytics for Government and Non-profits * Sports Analytics * Web Analytics