BIS Chapter 9.2

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business intelligence (BI)

refers to applications and technologies that are used to gather, provide access to, and analyze data and information to support decision-making efforts

data latency

the time duration to make data ready for analyis (the time for extracting, transforming, and cleansing the data, and loading it into the database)

analysis latency

the time from which data is made available to the time when analysis is complete

decision latency

the time it takes a human to comprehend the analytic result and determine an appropriate action

data mining

the process of analyzing data to extract information not offered by the raw data alone

data-mining tool

uses a variety of techniques to find patterns and relationships in large volumes of information and infer rules from them that predict future behavior and guide decision making

classification

the assignment of records to one of a pre-defined set of classes

estimation

determines values for an unknown continuous variable behavior or estimated future value

affinity grouping

determination of which things go together

clustering

segmentation of a heterogeneous population of records into a number of more homogeneous subgroups

cluster analysis

a technique used to divide an information set into mutually exclusive groups such that the members of each group are as close together as possible to one another and the different groups are as far apart as possible

association detection

reveals the degree to which variables are related and the nature and frequency of these relationships in the information

market basket analysis

analyzes such items as websites and checkout scanner information to detect customers' buying behavior and predict future bhavior by identifying affinities among customers' choices of products and services

statistical analysis

performs such functions as information correlations, distributions, calculations, and variance analysis

forecasts

predictions made on the basis of time-series information

time-series information

time-stamped information collected at a particular frequency

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