Chapter 1 Key Terms

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PSC - Data Analytics - Chapter 1: Key Terms
Matthew Evans
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Big Data Datasets that are too large and complex for businesses' existing systems to handle utilizing their traditional capabilities to capture, store, manage, and analyze these datasets.
Classification A data approach
Big Data Datasets that are too large and complex for businesses’ existing systems to handle utilizing their traditional capabilities to capture, store, manage, and analyze these datasets.
Classification A data approach that attempts to assign each unit in a population into a few categories potentially to help with predictions.
Clustering A data approach that attempts to divide individuals (like customers) into groups (or clusters) in a useful or meaningful way.
Co-Occurrence Grouping A data approach that attempts to discover associations between individuals based on transactions involving them.
Data Analytics The process of evaluating data with the purpose of drawing conclusions to address business questions. Indeed, effective Data Analytics provides a way to search through large structured and unstructured data to identify unknown patterns or relationships.
Data Dictionary Centralized repository of descriptions for all of the data attributes of the dataset.
Data Reduction A data approach that attempts to reduce the amount of information that needs to be considered to focus on the most critical items (e.g., highest cost, highest risk, largest impact, etc.).
Link Prediction A data approach that attempts to predict a relationship between two data items.
Predictor (or Independent or Explanatory) Variable A variable that predicts or explains another variable, typically called a predictor or independent variable.
Profiling A data approach that attempts to characterize the “typical” behavior of an individual, group, or population by generating summary statistics about the data (including mean, standard deviations, etc.).
Regression A data approach that attempts to estimate or predict, for each unit, the numerical value of some variable using some type of statistical model.
Response (or Dependent) Variable A variable that responds to, or is dependent on, another.
Similarity Matching A data approach that attempts to identify similar individuals based on data known about them.
Structured Data Data that are organized and reside in a fixed field with a record or a file. Such data are generally contained in a relational database or spreadsheet and are readily searchable by search algorithms.
Unstructured Data Data that do not adhere to a predefined data model in a tabular format.
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