Summary: Business Intelligence & Data Management

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• Intro. to BI & Data Management

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• What is data management?

  Managing data as a valuable resource. It is about getting data in and storing it in production databases and data warehouses. 

• What is Business Intelligence?

  Data driven decision making, transforming data into meaningful information/knowledge to support business decision making. It is bout getting information out of the databases for the decision makers in the organizations.

• What are the two transformation processes in the corporate information factory?

  - Raw data transformed into data for the data warehouse 
  - Clean data that are transformed in the insights for decision makers in the organization

• What are the four different methods in the taxonomy of business intelligence?

  1. Descriptive analytics
     
  2. Diagnostic analytics
  3. Predictive analytics
  4. Prescriptive analytics

• What are descriptive analytics?

  basic statistics, reporting, dashboarding and main objective is data use to understand the past and present. (SQL, OLAP cubes, dashboards)

• What are diagnostics analytics?

  more about explaining and diagnosing why something has happened. So a manager is presented with a certain overview and he sees that the sales has gone down in a certain area and he wants to understand why this has happened. (regression models)

• What are predictive analytics?

  For example, you have a historic database and know about the sales of the past and then we can use this historic data to make educated guesses about the sales that might happen in the future. So historic data is a really important aspect. More about time-series data.

• What are prescriptive analytics?

  close related to econometrics. It is about making decisions to achieve the best performance. (simulation, optimization of techniques)

• What are different functions in the taxonomy of business intelligence?

  Marketing analytics, Sales analytics, HR analytics, Financial analytics, Supply chain analytics, Accounting analytics.

• What is a decisions support system?

  A decision support system (DSS) is a set of expandable, interactive IT techniques and tools designed for processing and analyzing data and for supporting managers in decision making. To do this, the system matches individual resources of managers with computer resources to improve the quality of the decisions made