ITM100 MIDTERM - (w1-w6)

What are the four data mining analysis techniques?

Estimation analysis

Affinity grouping

Cluster

Classification

(EACC)

What is Cluster Analysis

Dividing info. set into groups

• members of each group are similar to each other (w/ attributes) , those in different groups differ

Promo strats target identified group

What is Market basket analysis

Evaluates items to detect customers' buying behaviour and predict future behaviour (specific choices and preferences) 

• marketing campaigns for cross-selling products and services (especially in banking, insurance, and finance) 

• inventory control, shelf-product placement, and other retail and marketing applications.

What is Estimation Analysis

Determines values for an unknown continuous variable behavior or estimated future value.

• determine the overall costs of a project from start to completion or estimates on the profits from introducing a new product line.

What is the difference between source data and raw data? 

Source data:

Raw data:

Give an example of data aggregation.

What are the four analytical capabilities of business intelligence?

Consolidation

drill-down

slice-and-dice

Pivot

w5 ** Explain Consolidation

(analytical capabilities of business intelligence)

turning many simple data into interconnected info

• ex. separating the data into catagoriews

w5 ** Explain Drill-down

(analytical capabilities of business intelligence)

user viewing details at each level ( reverese consolidation) 

• ex. managers viewing monthly, weekly, daily info

w5 ** Explain Slice-and-Dice

(analytical capabilities of business intelligence)

looking at info from different perspectives  - analyzing trends and finding patterns

w5 **  Explain Pivot

(analytical capabilities of business intelligence)

rotating data, displaying alt. presentations of them 

• ex. swapping rows and columns

(w5) - What is competitive monitoring?

company monitoring their competetors via auto-tracking softwares on their websites 

plainly describe a way that a specific industry can use business intelligence.

Retail: Predict sales, inventory levels, and distribution.

• Airlines: Analyze popular vacation locations with current flight listings.

• Banking: Understand customer credit card usage and nonpayment rates.

• Health care: Compare the demographics of patients with critical illnesses.

• Insurance: Predict claim amounts and medical coverage costs.

• Law enforcement: Track crime patterns, locations, and criminal behavior.

• Marketing: Analyze customer demographics.

What is the difference between comparative marketing and comparative analysis?

Comparative analysis: Compares two or more datasets to identify patterns and trends.

Competitive monitoring: When a company monitorscompetitor's activities on their website

• software automatically tracks all competitor website activities (discounts and new products)

What are integrity constraints?

What are the two types of integrity restraints?

What is the difference between relational integrity constraints and

business-critical integrity constraints?

quantitative : calculations, measurements

catagorical: numbers

dates and tikmes: for accurate tracking

binary values

Explain the four primary traits that determine the value of data.

Data type:

specific classification of data, such as operational or analytical data

Data Quality:

accurate, complete, consistent, timely

• plagued by Data inconsistency: same data element has different values.

• Data integrity issues: incorrect, inconsistent, or duplicate data

Data Governance:

focuses on enterprise wide policies and procedures

Data Timeliness:

• real-time data / system: immediate in response to requests

• faster decisions, careful performance tracking

What is the difference between data stewardship and being a data steward?

Data governance focuses on enterprise wide policies and procedures

Data stewardship focuses on the strategic implementation of the policies and procedures.

Describe the four categories of BI business benefits

Quantifiable: MEASURABLE 

• reduced latency (time saved), ROI

Indirectly Quantifiable: not intended

Unpredictable: also creative unintended discoveries

Intangible: NOT MEASUREABLE 

• ex. improved communication, improved knowledge sharing

Compare tactical, operational, and strategic BI

tactical: analyzing performance to achieve goals —- related to specific projects (analysts, takes weeks-months)

operational: monitoring daily operations (real-time, for managers)

Strategic: setting long-term objectives, monitoring progress

• execs, thru months/years

w5**** describe a database, a database management system, and a relational database model.

database:

An organized collection of structured data

database management system:

software that allows users to create, read, and manage data within a database

relational database model:

• model for organizing data into one or more tables (relations).

• Each table contains columns (attributes) and rows (records)

w5**** business advantages to relational database 

• increased flexability

• increased performance + scalability

• reduced data redundancy

• increased data integrity

• more data security

w5**** identify advantages to using business intelligence to support managerial decision-making

• single point of access to data

• up-to-date, accurate info

• data sent to ALL departments

w5**** Whatr are the roles and purposes of data warehouses and data marts? Whats the difference?

Data warehouses: stores all data from every source

• for analysis + organization

Data marts: already compiled + organized data

• for functionality, accessed to reps to make decisions

w5**** What is a blockchain? what are its advantages over centralized regional database?

Blockchain:

(distributed ledger) - blocks of data with records of transactional data

• high security (decentralized data)

• data integrity

• immutability - permanent transaction history

• IOT devices

  • linked wirelessly to blockchain (auto updates, deliverrs internal data to other devices)

w4** Explain integrations and the role they play in connecting a corporation

Integrations 

• allow separate systems to communicate directly with each other, 

• eliminating the need for manual entry into multiple systems. 

• allows information sharing across databases

•  increase in quality.

w4** Discuss the goals of ERP

The goal of ERP 

• integrate all of the organizational systems into one system capable of meeting all business needs and user requirements. 

w4** Describe supply chain management along with
its impact on business

To automate and enable sophisticated decision making in these critical areas:

• companies are turning to systems that provide demand forecasting, inventory control, and information flows between suppliers and customers. 

• manufacturing efforts focused across the entire supply chain

  • customers, customers' customers, suppliers, and suppliers' suppliers. 

  • intricate network of business partners linked through communication channels and relationships.

primary business benefits of SUPPLY CHAIN MANAGEMENT

• Improved visibility across the supply chain

  • ability to view all areas in real time.

• increased profitability for the firm 

w4** Identify the three technologies that are Reinventing the supply chain

tiered archetectures, Saas, cloud

w4** How do integrations connect a corporation?

w4**  What is the difference between forward and backward integrations?

Forward Integration:

company expanding into its customer-facing activities (sales and distribution)

Backward Integration: company expanding into its suppliers' activities (raw material production)

w4** 3. What are the five primary activities in a supply chain?

w4** 4. What is the bullwhip effect and how can it affect a supply chain and a firm's profitability?

bullwhip effect: when a distorted product-demand info passes from one entity to another throughout supply chain

w4** 6. What is the difference between operational and analytical CRM?

Operational CRM 

transactional processing for day-to-day operations deal directly with the customers. 

Analytical CRM 

back-office operations and strategic analysis

• not deal directly with the customers.

w4** 7. How can a sales department use CRM to improve operations?

Customer relationship management (CRM):

managing all aspects of a customer's relationship with an organization 

• increase customer loyalty and retention and an organization's profitability. 

• gain insights into customers' shopping and buying behaviors

understand individual customer needs are best positioned to achieve success.The two primary components of a CRM strategy are operational CRM and analytical CRM. 

w4** 9. What is an enterprise resource planning system?

Enterprise resource planning (ERP) 

all departments and functions throughout an organization into a single IT system (or integrated set of IT systems) 

• employees make deci

w4** 10. What are the primary core and extended ERP components?

ERP-II—-: 

Core ERP components: internal operations

Extended ERP components: external operations

• meet organizational needs not covered by the core components