Business Intelligence and Analytics

Vocabulary flashcards covering core concepts of Business Intelligence, management decision support, and the four types of data analytics.

Management

Evaluating at least 2 alternatives and choosing the best one depending on the organization's goals.

Factors Increasing Decision-Making Difficulty

Key trends including an increasing number of alternatives, time pressure, increased decision environment uncertainty, and the need to rapidly access remote information, consult experts, or conduct group decision-making sessions.

Business Intelligence (BI)

A broad category of applications, technologies, and processes for gathering, storing, accessing, and analyzing data to help business users make better decisions.

Scope of BI

The operational range of Business Intelligence, which can be applied in any organization, large or small.

Analytics Questions Framework

The progressive sequence of analytical questions ranging from descriptive ('What happened?'), diagnostic ('Why did it happen?'), predictive ('What will happen?'), to prescriptive ('How can we make it happen?').

Descriptive Analytics

An analytics process that examines data to explain what happened or what is happening now.

Diagnostic Analytics

An analytics process that uncovers relationships between different elements of data to explain why something happened.

Predictive Analytics

An analytics process that employs mathematical and statistical algorithms alongside advanced modeling tools to create predictive models based on available data.

Prescriptive Analytics

An analytics process that compares many available alternatives based on predictive analytics results and recommends the best options.

Prescriptive Analytics Applications

Key industry domains where prescriptive analytics is applied, including Healthcare, Sales, E-commerce, and Banking.