business Information

1. Companies are gradually moving to computer support from their organizations. Can you list at least 2 of the factors that drive this step?

• Speed ​​and efficiency.

• Readability and accuracy.

• Self-sufficiency.

• Cheaper research and development.

2. The definition of Business Intelligence (BI) is:

BI is an umbrella term that combines architecture, tools, databases, analytical tools, applications and methods.

What does “umbrella” mean?

The definition of Business Intelligence (BI) includes various software applications used to analyze an organization’s raw data. The discipline involves many related activities including data mining, online analytics processing, querying and reporting

3. We once say that the term Business Intelligence (BI) is “context-free”. What does this mean?

The term business information is “context-free” in the sense that the term means different things to different people. For this reason, we have seen researchers promote different definitions of business information.

4. Describe what a data warehouse is and how it might differ from a traditional database used for transaction processing.

A data warehouse is a central repository for business data and information that an organization retrieves transaction data, operating systems, and external data sources. While these two may appear to be similar, they exhibit several differences in terms of usage pattern, architecture as well as technology. A traditional database is based on operational processing, while a data warehouse is based on informative processing.

A data warehouse focuses on storing, filtering, retrieving and analyzing extensive information.

A traditional database is used for daily operations, while a data warehouse is used for long-term information requirements.

5. What is the difference between a data warehouse and a data store?

A data mart is a subset of a data warehouse that relates to a particular business boundary. Data March is managed by a specific department within an organization. On the other hand, a data warehouse involves multiple topic areas and collects detailed information from multiple source systems.

6. What is meant by “Big Data”?

Big data refers to a large number of structured, semi-structured and unstructured data from which viable information can be extracted. This type of data is so voluminous that it cannot be processed using outdated database and software techniques. Big data helps organizations improve their operations and be able to make quick and smart decisions.

7. Data recovery methods are divided into supervised and unsupervised methods. What are these and how are they different?

Supervised data mining method has to do with the presentation of fully labeled data to a machine learning algorithm. On the other hand, unsupervised data recovery methods perform clusters. Data instances are divided into a number of groups.

Unsupervised data recovery methods do not attach importance to predetermined attributes. Furthermore, it does not predict a target value. Instead, unattended data recovery finds hidden structure and relationships between data.

Monitored data retrieval methods are appropriate when there is a specific target value that I need to use to predict data. The goals can have two or more possible outcomes or even be a continuous numerical value.

Supervised data recovery methods the classes are known in advance, while the others or groups are not known in advance. In supervised data recovery methods, data to be known before calculation is assigned, but in unsupervised learning, data sets are assigned to segments without the clusters being known.

8. When considering KPIs (key performance indicators), we distinguish between driver KPIs and the result KPIs. What is the difference between the two (give a few examples of each)

Key performance indicators provide a framework on which organizations can value their progress. Performance KPIs, also called storage indicators, measure the performance of past activities. On the other hand, driver KPIs / leading indicators measure the activities that have a significant effect on the outcome KPIs. Driver KPIs have a significant effect on the result KPIs, but the opposite is not necessarily true.

9. A BSC (balanced scorecard) approach to BPM (business process management) is well known and widely used. Describe the strengths of a BSC approach.

BPM involves activities

BPM involves activities such as automation, remodeling, monitoring and analysis and improving business processes.

cost-effectiveness

This is one of the most tangible benefits of BPM approach. It cuts costs and increases revenue. BPM adds decisive value in the long run by enabling companies to compete globally. BPM technology equips a company to change gears and respond to changing business environment appropriately.

agility

Change is inevitable in business and a business must be ready to undergo sudden changes at all times. BPM gives a business the flexibility of making changes at minimal cost.

Improved productivity

BPM automates multiple elements within regular workflows. Process improvements such as elimination of drawbacks, elimination of redundant steps and introduction of parallel processing are achieved through BPM. These process enhancements allow employees to focus on other important activities in their business as the main support functions would have been handled.

Better visibility

Basically, BPM uses advanced software programs to facilitate the automation process. These programs allow process owners to keep track of their performance. BPM keeps track of how processes work without the need for monitoring techniques and extensive manpower, except to guarantee transparency.

10. A close-loop process is often used to optimize business performance. Briefly describes what a closed loop means.

A closed loop process, also called feedback management system, is a management system that promotes a well-organized base of preferred results and system feedback. This process is designed to achieve and maintain the desired output in comparison to the actual state.