BU415 Lecture Notes - Lecture 4: Business Analytics, Data Warehouse, Affinity Analysis
Document Summary
Business analytics: business analytics is the examination of business data in an effort to reveal useful insight that enables better decision making. Analytics: descriptive analytics, focused on what has already occurred, ex. trend analysis, predictive analytics, focused on what will occur, ex. forecasting, prescriptive analytics, focused on what should occur, ex. The evolution of business analytics: the real catalyst for the current attention to analytics is the proliferation of data generated by sensors (ex. Information process: traditional view, look at raw facts, synthesize it into something meaningful, turn it into knowledge, alternative view, we know something, we find information to back it up, then gather data to support. Info systems are only as good as the info stored inside them: quality data, timely, complete, accurate, relevant, consistent. Legacy system: older info systems that aren"t compatible with other systems. Business intelligence: main components of a bi infrastructure are, data warehouses, data marts, query and reporting tools, online analytical processing, data mining.
