Business Intelligence – Midterm – Flashcards
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Decision Support Systems (DSS)
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A conceptual framework for a process of supporting managerial decision making, usually by modeling problems and employing quantitative models for solution analysis
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4 Phase Decision Making Process
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1. Intelligence 2. Design 3. Choice 4. Implementation
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Business Intelligence
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-Combines architectures, tools, databases, applications, and methodologies. -Enables easy access to data to provide business managers with the ability to conduct analysis -helps transform data into information, to decisions, and finally to action
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4 Major Components of BI Architecture
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1. Data warehouse 2. Business Analytics 3. Business Performance Management 4. User Interface
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Data warehouse
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a large repository of well organized historical data
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Business analytics
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tools that allow transformation of data into information and knowledge
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User interface
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allows access and easy manipulation of other BI components (dashboard)
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Decision making
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the action of selecting among alternatives to attain a goal
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Problem
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the different between the desired and actual outcome
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Model
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a simplified representation (or abstraction) of reality
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Models classified by degree of abstraction (from least to most abstract)
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-Iconic Models (least abstract) -Analog Models -Mental Models -Mathematical Models (most abstract)
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DSS Characteristics and Capabilities
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-business analytics -web analytics -predictive analytics
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business analytics
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implies use of models and data to improve an organization's performance and/or competitive posture
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web analytics
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use of analytics on real time web info to assist in decision making (often related to e commerce)
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predictive analytics
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describes the business analytics method of forecasting problems and opportunities rather than simply reporting as they occur
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uncertainty and risk
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as knowledge and certainty increase, risk decreases
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General process of intelligence creation and use
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- cost benefit analysis (ROI, TCO) -5 W's for analysis (who, what, where, when, why)
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Successful BI Implementation
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-must be aligned with the company's business strategy, not just an exercise for IT -must serve as a way to change the manner the company conducts business by improving its business process transforming decision-making processes to be more data driven
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Data mining
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the nontrivial process of identifying valid, novel, potentially useful, and ultimately understandable patterns and data stored in structured data bases.
