AFM241 Lecture Notes - Lecture 6: Rapid Application Development, Prescriptive Analytics, Data Science

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM241
• Professor: Theophanis Stratopoulos

Document Summary

Citizen data scientist: they do data analytics on the side: like an accountant. Prescriptive analytics is related to both descriptive and predictive analytics. Data scientists: will know data end to end and system end to end, but not know the business: use their data and analytical ability to find and interpret rich data sources. Bimodal it: has 2 velocities of it use - mode 1 and mode 2. Its about people: mode 1 : example, system behind the atm machine is called tandem machine. Old, always keeps on going but can"t change it: mode 2: agile process: you have the ability to make a platform very quickly. Two parallel tracks that support rapid application development for digital innovation priorities, alongside existing application maintenance and operational stabilization projects. Characteristics for mode 1: development projects related to core system maintenance, stability or efficiency. These require highly specialized programmers and traditional, slow moving development cycles.