SCMA 301 Chapter Notes - Chapter 1: Social Security Number, Data Mining, Time Point

• School: VCU
• Department: Supply Chain Management and Analytics
• Course: SCMA 301
• Professor: custer

Document Summary

Businesses have always relied on data for planning and to improve efficiency and quality. Businesses rely on the info in data to compete in the global marketplace. Data warehouses : data that are recorded and stored electronically in vast digital repositories. Big data: data sets so large that traditional methods of storage and analysis are inadequate: decisions can be made quickly. Data alo(cid:374)e (cid:272)a(cid:374)"t help (cid:373)ake (cid:271)ette(cid:396) (cid:271)usi(cid:374)ess de(cid:272)isio(cid:374)s: you must be able to summarize, model, and understand what the data can tell you. Statistics: collection of tools and its associated reasoning. Statisticians assess the risk of genetically engineered foods or of a new drug being considered by the food and drug administration (fda) Tra(cid:374)sa(cid:272)tio(cid:374)al data: data (cid:272)olle(cid:272)ted fo(cid:396) (cid:396)e(cid:272)o(cid:396)di(cid:374)g the (cid:272)o(cid:373)pa(cid:374)ies" t(cid:396)a(cid:374)sa(cid:272)tio(cid:374)s. Data mining ( predictive analysis) : to make decisions and predictions. Business analytics : describes any use of data and statistical analysis to drive business decisions from data whether the purpose is predictive or simply descriptive.