Business Intelligence Exam

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data mining

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the practice of examining large databases in order to generate new information

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dashboard

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A user interface that organizes and present information in a way that is easy to read

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business intelligence

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An umbrella term that combines architecture, tool, databases, analytical tool, applications and methodologies.

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decision or normative analytics

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The goal is to provide a decision or a recommendation for a specific action. They can be in the form of yes/no decision

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decision support system

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couple the intellectual resources of individuals with the capabilities of the computer to improve the quality of decisions. It is computer-based support system for management decision makers who deal with semistructured problems.

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descriptive analytics

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knowing what is happening in the organization and understanding some underlying trends and causes of such occurrences.

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predictive analytics

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Aims to determine what is likely to happen in the future

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prescriptive analytics

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the goal is to recognize what is going on as well as the likely forecast and make decisions to achieve the best performance possible

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Unstructured problem

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One where the articulation of the problem or the solution approach may be unstructured in itself.

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Structured problem

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The procedure s for obtaining the best solution are known. The objectives are clearly defined.

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Semistructured Problems

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Having some structured elements and some unstructured elements.

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Decision support in large organization

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Before building a model, decision makers should develop a good understanding of the problem that needs to be addressed

A model may not be necessary to address the problem

Before developing a new tool, decision makers should explore reuse of existing tools.

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Aspects of decision making

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Groupthink- Group members accept the solution without thinking for themselves.

Experimentation with real systems may result in failure

Collecting information and analyzing a problem takes time and can be expensive

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Decision style

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Manner by which decision makers think and react to problems, the way they perceive a problem, their cognitive responses

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Decision making process

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Intelligence phase- decision maker examines reality and identifies and defines the problem

Design phase- a model that represents the system is contructed(assumptions which simplify reality)

Choice phase- selection of proposed solution to the model

Implementation phase

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Problem Identificaiton

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Identification of organizational goals and objectives related to an issue of concern

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Problem Classification

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the conceptualization of a problem in an attempt to place it in a definable category, possibly leading to a standard solution approach.

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Problem Decomposition

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Creating subproblems and solving the simpler subproblems may help in solving the the complex problem.

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Problem Ownership

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A only exist if someone takes on the responsibility of attacking it and if the organization has the ability to solve it.

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Model

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simplified representation or abstraction of reality

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Decision variables

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describe the alternatives from among which a manager must choose, a result variable or a set of result variables that describes the objective or goal of the decision-making problem

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Principle of Choice

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A criterion that describes the acceptability of a solution approach. In a model it is a result variable.

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Normative Models

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Models in which the chosen alternative is demonstrable the best of all possible alternatives.

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Optimization

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examine all the alternatives and prove that the one selected is indeed the best(also the goal of prescriptive analytics)

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Descriptive Models

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Describe things as they are or as they are believed to be. Mathematically based

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Simulation

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The imitation of reality and has been applied to many areas of decision making. most common form of descriptive modeling method.

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Sensitivity analysis

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Used to determine the robustness of any given alternative: slight changes in the parameters should ideally lead to slight of no changes in the alternative chosen

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What if analysis

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Used to explore major changes in the parameters

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Support for Intelligence Phase

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The ability to scan external and internal information sources for opportunities and problems to interpret wha the scanning discovers

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Support for the Design Phase

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generating alternative courses of action , discussing the criteria for choices and their relative importance and forecasting the future consequences of using various alternatives

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Support for the choice phase

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what-if and goal seeking analyses

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Businesss intelligence

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Systems that monitor situation and identify problems or opportunities using analytic methods

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data warehouse

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a pool of data produced to support decision making; also a repository of current and historical data of potential interest

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Characteristics of Data warehousing

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Subject oriented- data are organized by detailed subject

Integrated- datawarehouses must place data from different sources into a consistent format, dealing with discrepancies

Time variant- detects deviations and long-term relationships for forecasting and comparisons

Nonvolatile- after data is entered into the data warehouse users are no able to to change or update the data

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operational data store

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provides a fairly recent form of customer information file

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metadata

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Data about data, describes the structure of and some meaning about data, thereby contributing to their eff