IDSC 3001 STUDY GUIDE for 11&12

Data mining: Discovering meaningful correlations, patterns, and trends by shifting through large amounts of data stores and repositories.

ad hoc reporting tools: These put users in control so they can create custom reports on an as-needed basis by selecting fields, ranges, summary conditions, and other parameters.

Data cube: Special database used to store data in OLAP reporting.

Market basket analysis /affinity grouping: This method of analysis identifies events or transactions that occur together.

OLAP-online analytical processing: A method of querying that takes data from relational databases, calculates and summarizes the data and stores it in a Data cube.

Diagnostic analysis: This type of Business Analytic uses data to explain why trends or events occurred.

Valpack: During our lecture, we discussed this company who used historical customer behavior data to reduce customer churn.

Business analytics best practices: Having a defined goal of what needs to be answered.

4 major criteria for effective BI: Timeliness, accuracy, valuable insights, and actionable.

statistics, business acumen, and IT: These are the three skills that are critical in recruiting data mining and business analytics.

Machine learning : Type of Al often broadly defined as software with the ability to learn without being explicitly programmed.

Generic AI: This autonomous system can break down complex problems and take actions.

Supervised learning: An algorithm that uses training data to learn the relationship of given inputs to a given output.

Neural network/deep learning: This type of Al examines data and exposes patterns, in order to build models to exploit finding

Genetic AIgorithm: Model building techniques where computers examine many potential solutions, iteratively modifying various mathematical models for a best alternative function.

Regression- Predicts continuous values such as age, price, salary, etc., based on a second parameter.

Classification: This predicts discrete values such as true/false, spam/not spam,

credit worthy/not credit/ worthy.

Turing test: This tests software's ability to exhibit behavior equivalent to, or

indistinguishable from, a human.

CAPTCHA: This is a common acronym used for public Turing tests to distinguish bots from humans.

Concerns about artificial intelligence: Being implemented so quickly That firms are not thinking Enough about cybersecurity, Bias, and ethics.