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17 Cards in this Set
- Front
- Back
How are predictive analytics moving into the business world?
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used in crime, counterterrorism, expanding to health care, insurance, etc
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Why do some object to predictive analytics?
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could eventually lead to denying people jobs, insurance because of genes, conditions, etc.
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What are the main ingredients of predictive analytics?
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business data, mathematical algorithms, and forecasting models
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Prediction by IDC--what will the predictive analytics market grow to by 2008?
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$8 billion
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What does a DBMS provide for a database and the organization using it?
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1) Data independence: the application
programs are protected from changes in the hardware, operating system, data storage devices, and so on. 2) Data sharing: all the applications use one copy of the database. 3) Security: only authorized individuals, terminals, and programs can perform specific functions. 4) Data integrity: hardware and software defects will not make the database inconsistent. 5) Ease of use: the view of data provided to the programmers and other users is clear, straightforward, and easy to use; the DBMS is packaged in such a way that the system programmers find it easy to install and maintain. 6) Performance: response time and throughput requirements are met. |
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What services does a DBMS provide?
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1) User view of data: describing the
way data appear to the user of the DBMS, a view that is usually quite different from the way data are stored in the computer (the DBMS maps from one to the other). 2) Data language: allowing the user to retrieve, update, insert, and delete data fi-om the database. 3) Transaction management: providing execution control over the database, determining the level of concurrent access, the recovery options, and specifying the "atomicity" of database operations. |
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Why should platform standardization be used in DBMS strategy?
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-minimize administration, infrastructure cost
-minimize complexity -improve operational efficiency -improve data security- fewer platforms leads to strong policies, control, authorization, etc. |
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What is a recommended approach to DBMS standardization?
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-Choosing the right DBMS platform to meet your application requirements
-Using a selected DBMS platform for all new deployments. -Consolidating existing databases on a standard DBMS platform. -Making careful decisions when dealing with exceptions. |
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What is data mining?
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the process of analyzing data from
different perspectives and summarizing it into useful information - information that can be used to increase revenue, cuts costs, or both. -the process of finding correlations or patterns among dozens of fields in large relational databases |
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What is information?
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Patterns and relationships found among data
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What types of relationships are sought by data mining software?
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-classes- ie restaurant when customers visit and what they order
-clusters- mkt segments, consumer affinities -associations- ie beer diaper example -sequential patterns- anticipate behaviors and trends |
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5 major elements of data mining
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Extract, transform, and load transaction data onto the data warehouse system.
Store and manage the data in a multidimensional database system. Provide data access to business analysts and information technology professionals. Analyze the data by application software. Present the data in a useful format, such as a graph or table |
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Levels of analysis available in DM
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Artificial neural networks: Non-linear predictive models that learn through training and resemble
biological neural networks in structure. Genetic algorithms: Optimization techniques that use processes such as genetic combination, mutation, and natural selection in a design based on the concepts of natural evolution. Decision trees: Tree-shaped structures that represent sets of decisions. These decisions generate rules for the classification of a dataset. Specific decision tree methods include Classification and Regression Trees (CART) and Chi Square Automatic Interaction Detection (CHAID) . CART and CHAID are decision tree techniques used for classification of a dataset. They provide a set of rules that you can apply to a new (unclassified) dataset to predict which records will have a given outcome. CART segments a dataset by creating 2-way splits while CHAID segments using chi square tests to create multi-way splits. CART typically requires less data preparation than CHAID. Nearest neighbor method: A technique that classifies each record in a dataset based on a combination of the classes of the k record(s) most similar to it in a historical dataset (where k 1). Sometimes called the k-nearest neighbor technique. Rule induction: The extraction of useful if-then rules from data based on statistical significance. Data visualization: The visual interpretation of complex relationships in multidimensional data. Graphics tools are used to illustrate data relationships. |
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Four drivers to determine value of projects to business
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1. Minimize cost
2. Increase revenue overall 3. Strategic for company to gain advantage/stick with competition 4. Legal/regulatory/security- sensitive data shouldn't be stored outside the system |
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Expense reduction in projects, four parameters?
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1. Customer service expense
2. Customer acquisition and retention 3. Back office efficiency gains 4. Other expense |
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Projects are constrained by what three factors?
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Time, cost and scope
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Project management lifecycle
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Initiating
Planning Executing Monitoring and controlling Closing |