Download Data Analysis for Business: Terms and Definitions and more Quizzes Introduction to Database Management Systems in PDF only on Docsity!
TERM 1
What is the purpose of data analysis
DEFINITION 1 Improve profitability and business performance TERM 2
What is the uses for businesses
DEFINITION 2 Detecting credit card fraudIdentifying potential customersAnalysing and predicting profitably per customer TERM 3
What are simulations
DEFINITION 3 Computerised mathematical techniques used to imitate real word systems TERM 4
Modelling
DEFINITION 4 mathematical attempt predict real world scenario TERM 5
Data mining
DEFINITION 5 Process of looking for interesting patterns in the data Characterization Discrimination Association analysis Predictive analysis
TERM 6
Analysis techniques
DEFINITION 6 Visual analytics and correlations Statistical tests Linear regression analysis Logit and probit models Event studies Forecasting Text analytics TERM 7
Covariance and
correlation
DEFINITION 7 Provides a measure of the strength of the linear relation between two variables. TERM 8
Logit and probit models
DEFINITION 8 Logit and probit models are similar to OLS regressions but their dependent variable can only have two values: 0 or 1.
