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33 Cards in this Set
- Front
- Back
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association detection
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Reveals the degree to which variables are related and the nature and frequency of these relationships in the information
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association rule generators
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ARG’s; they create rules to determine the likelihood of events occurring together at a particular time or following each other in a logical progression
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market basket analysis
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Analyzes such items as website s and checkout scanner information to detect customers’ buying behavior and predict future behavior by identifying affinities among customers’ choices of products and services
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statistical analysis
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Performs such functions as information correlations, distributions, calculations, and variance analysis
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Process variation reduction
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A data mining application; process variation reduction tool that ensures consistent flavor, color, aroma, and appearance
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forecast
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Prediction made on the basis of time-series information
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time-series information
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Time-stamped information collected at a particular frequency; examples include web visits per hour, sales per month, and calls per day
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when to use time series information
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When discovering trends in seasonal variations in transactional information
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three latencies that impact decision-making speed
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Data, analysis, and decision latencies
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Data latency
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Time duration to make a data ready for analysis (i.e. the time for extracting, transforming, and cleansing the data), and then loading this data into the database
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Analysis latency
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Time from which data are made available to the time when analysis is complete
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decision latency
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Time it takes a human to comprehend the analytical result and determine the appropriate action
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classification, estimation, affinity grouping, clustering
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When approaching decision making, what different activities does data mining have in mind
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Cluster analysis
Association detection Statistical analysis |
more common forms of data-mining analysis capabilities
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cluster analysis
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Technique used to divide and information set into mutually exclusive groups such that members of each group are as close together as possible to one another and the different groups are as far apart as possible
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asociation detection
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Reveals the degree to which variables are related and the nature and frequency of these relationships in the information
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Quantifiable benefits
Indirectly quantifiable benefits Unpredictable benefits Intangible benefits |
four main categories of BI benefits
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unpredictable benefits
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They are the result of discoveries made by creative users
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CRM
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based on the premise that those organizations that understand the needs of individual customers are best positioned to achieve sustainable competitive advantage in the future
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RFM
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formula for finding an organization’s most valuable customers
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Reporting, Analyzing, Predicting
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phases of CRM
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List generator, Campaign Managment, Cross and Up selling
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three primary operational CRM technologies used by the marketing departments
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List Generator
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Compile customer information from a variety of sources and segment the information for different marketing campaigns
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Campaign management systems
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Guide users through marketing campaigns performing such tasks as campaign definition, planning, scheduling, segmentation, and success analysis
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SFA
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System that automatically tracks all of the steps in the sales process
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Sales Management CRM systems
Contact Management “ “ Opportunity Management “ “ |
three primary operational CRM technologies a sales department uses
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Sales Management CRM system
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Automate each phase of the sales process, helping individual sales representatives coordinate and organize all of their accounts
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Contact Management CRM system
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Maintains customer contact information and identifies prospective customers for future sales
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Contact Center
Web-Based self-service Call scripting |
three primary operational CRM technologies implemented by customer service departments
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Contact Center
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Where customer service representatives answer customer inquiries and respond to problems through a number of different customer touch points
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SRM
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Focuses on keeping suppliers satisfied by evaluating and categorizing suppliers for different projects, which optimizes supplier selection
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PRM
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focuses on keeping vendors satisfied by managing alliance partner and reseller relationships that provide the customers with the optimal sales channel
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ERM
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Provides employees with a subset of CRM applications available through a web browser, and many of the ERM applications assist the employee in dealing with customers by providing detailed information on company products, services, and customer orders
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