Algorithms are implemented in software to analyze, process the input data, and produce output – or results. Also a term for one model dimension in factor and bilinear models. Lead for Data Analytics. Individual blocks contain details of the preceding block such as the cryptographic hash, timestamp and transaction data. See also CuSum. An insight is an in-depth and accurate understanding of a complex problem. Ordinal Variable - A variable in which the order of data points can be determined but not the distance between data points, e.g., letter grades and extent of agreement. Dirty Data: Now that Big Data has become sexy, people just start adding adjectives to Data to come up with new terms like dark data, dirty data, small data, and now smart data. This concept is applied to API or Application Program Interface thus creating an API Marketplace. DCrit: The critical limit with confidence interval where the correlation pattern is considered normal for the model in the DModX statistic. The EWMA is usually used as a control charting technique in MSPC. Web Analytics is the analysis of the data based on the behaviour of visitors in a particular website. what makes it good enough to use). Computer Vision is essentially a scientific field of study which enables computers to see and process images just the way human vision does. It is a process that can be used to perform taks that were previously carrier out by humans. A data centre is a collection of computer servers (in some cases, switches, firewalls and routers as well), that is used to store, process and distribute huge amounts of data. All you need to know, in language you can understand. It is particularly refered to the conviction that all the requirements will be fulfilled. Social Media Analytics is defined as the analysis of data obtained from various social media platforms in order to track what customers and users have to say about a certain product or business. In computer science, artificial intelligence (AI), sometimes called machine intelligence, is intelligence demonstrated by machines, in contrast to the natural intelligence displayed by humans. Single Supervisory Mechanism . Let us know if you would like to add any big data terminology missing in this list. For some, it is the process of analyzing information from a particular domain, such as website analytics. Unstructured Data refers to information that aren't properly arranged in a database. Correlation: Measure of association of two variables. Based on this, companies can identify gaps in current processes and chart out a strategy to achieve the set targets. It appears as multiple overlapping closed curves which is used to organise information visually. Gap analysis is a method that helps companies identify their current state and goals for the future. Least squares estimate: A method to estimate model parameters by minimizing the sum of squares of the differences between the actual response value and the value predicted by the model. “Analytics has emerged as a catch-all term for a variety of different business intelligence (BI)- and application-related initiatives. Commercial UAV or Unmanned Ariel Vehicles, also known as drones, are aircrafts that have no human pilot on board, such drones are flown for commercial purposes. Using statistical calculations, it plots a trend line between variables to show the relationship between them. Unit group: A set of units that are similar enough thath the same model can be used for all of them. Machine Learning is a subset of Artificial Intelligence (AI) that essentially has computers learning and accessing data which would enable them understand perspectives of customers, business, trends, etc. This includes controlling the use of a business' resources, utilizing human capital and planning future endeavors efficiently. Analytics as a Service (AaaS) The provision of analytics through Web-delivered technologies. Each observation is represented as a point in that space. Behavioral analytics is a branch of data analytics that involves utilizing data to gain insights into consumer behaviour. Symmetric about the mean, Normal Distribution indicates that the data near the mean are more frequent in occurence as opposed to the data far from the mean. Matrix: A two-way datatable where data are arranged as rows and columns. Predictive Analytics is term used when information from the given data is taken into account in order to determine its future outcomes and trends. Continuous process verification: The need to keep all critical attributes and their correlation under control during the production. This software sector has surpassed the tipping point, and has nearly finished its evolution from … Computer vision is related to artificial intelligence and includes the use of analog-to-digital conversion, video cameras and digital signal processes. An API Marketplace is akin to a marketplace that involves two stakeholders where one is concerned with buying and the other is concerned with selling. Eigenvector: Eigenvectors exists only for square matrices. Golden batch: The average evolution batch for all produced batches for each vector. Every few years, there comes a ground-breaking concept that car dealers get hooked onto and eventually swear by. Data engineers ensure that data being used by a company is accurate, reliable and organized. Local centering: A way to realign variables that are drifting. Audit trail: Activity log that tracks all changes in and to the system. A process of searching, gathering and presenting data. Moving Average is a technical indicator that allows investors to analyse the price trends. Regular Expressions are essntially defined as character sequences that help in pattern matching with strings in order to define a search pattern. Think of it as the top-level folder that you access using your login details. It assumes a one-way causal effect from predictor variables (independent variables) to a response of another variable (dependent variable). Genomics hails from a branch of biology which exclusively deals with everything concerned with genomes - the complete set of genes and or genetic materials in an organism. Google Analytics is a powerful tool which provides actionable data that can help you to make decisions about marketing your website. A blockchain is a system of records (known as blocks) that are linked in a peer-to-peer network, also called cryptography. They give results that are easy to interpret because they can be presented as pictures. Can for instance calculate derivatives or wavelets per column. Unsupervised Learning is when an AI (Artificial Intelligence) algorithm or machine is learnt to generate output without the existence of any labels. that can help distinguish a product from other competitors in the market.". The N rows in the table are termed observations. Or: the coordinates of a point when it is projected on a model hyperplane. It generates a data model which is made by analysing historical data and current data. Temporal is related to the concept of time, associated with a sequence of time or to a particular time. Comparitive analytics is the process of comparing two or more options (this can include processes, data, products, etc) to make an informed decision. Standard deviation: The square root of the variance, and a common way to indicate just how different a particular measurement is from the mean. It signifies controlled and varied variable. The data are collected in a data matrix (data table) of N rows and K columns, often denoted X. Batch statistical process control (BSPC): The application of control charting techniques to a batch process. They work by giving off an early warning thus saving time, capitalising on the opportunity of the time saved, taking measures and reducing human effort. Neuromorphic hardware refers to any electronic device which imitates the natural biological structures of a human being's nervous system. Natural Language Generation or NLG is when data is turned to the English language for better understanding. Drill down: The procedure of model interpretation through inspection of multivariate parameters, followed by zooming-in on certain parts of the underlying data by double-clicking in plots or charts to open up visualizations of relevant parts of the real measurements. Developed in IBM's DeepQA project, Watson is question-answering supercomputer system named after IBM's founder Thomas J Watson. It can be positive, negative or undefined, with the value depending on the lack of symmetery of a real-valued random variable. Geometric distibution refers to the number of failures or trials required before a success. Batch conditions: Batch conditions pertain to the whole batch and are therefore used in the batch level model (BLM). This helps in generating better predictive performance. The main goal is a use of data to generate business value. Data science: A discipline that combines statistics, data visualization, computer programing, data mining and software engineering to extract knowledge and insights from large and complex data sets. Variable space: The space spanned by the variable vectors of a data matrix. Heterogenous refers to items or substances that are different from each other. A control charting technique used in multivariate statistical process control (MSPC) applications. Training dataset: See: Reference dataset. Insights gained through descriptive analytics can provide useful insights that can be used for future analysis. Multidimensional scaling: Roughly corresponding to a principal component analysis of a matrix of ‘distances’ between observations. Time series filters: Pretreatment of data per variable. K-means clustering: A data mining algorithm to cluster, classify, or group observations based on their attributes or features into a certain number of groups (or clusters). Algorithm. The following are terms and concepts used in Workplace Analytics. It functions on the principle of find an alternative despite contraints all done at minimal cost and time. However, while the data may be easy to get hold of, that doesn’t make it easy to interpret and use, especially for new comers. Profit refers to a revenue gain that benefits the owner or business. Cognitive Computing are computerised models that simulate the thought processes of humans in order to find solutions to complex problems. A hypothesis is a proposed idea that is based on available information. Reference dataset: This term is used for datasets with known properties and origin, often used to define models. This helps business make informed decisions regarding marketing and customer relationship management. Phase conditions: Phase conditions pertain to the whole phase and are therefore used in the batch level model. Covariance: Similar to correlation but not normalized which makes it influenced by the magnitudes of the variables and therefore hard to interpret. ANOVA stands for Analysis of Variance. This greatly reduces the time required for statistical analysis. Jack-knifing: A method for finding the confidence interval of an estimated model parameter, by iteratively keeping out parts of the underlying data, making estimates from the subsets and comparing these estimates. Scores for all observations for one model dimension (component). Data analytics: The process of examining large data sets to uncover hidden patterns, unknown correlations, trends, customer preferences and other useful business insights. Python is a high-level programming language helps one learn and integerate systems effectively, with particular emphasis on code readability. Continuous Intelligence refers to real-time analytics data wherein continuous business values are derived from all the data. Duration: The number of points in the batch. Used in the analysis of time series data. Intelligence refers to the ability to understand concepts, make judgements and apply knowledge gained. Through this technology, computers can recognize and process these images. See also DWT. AR model: Auto regressive model. Score vector: Observation coordinates along a PC or PLS component axis. The term ‘data analytics’ (or ‘DA’) is part of our analytics consulting service and it is generally used to define the process of using an algorithmic or mechanical process to derive insights that can then be leveraged from a business-like perspective; it represents one of the first steps within our Performance Management service, … Hypothesis testing is used in statistics to determine whether to accept or reject the null hypothesis. The end result might be a report, an indication of status or … Stressed Expected Default Frequency . Continuous variable: A variable whose value can be any of an infinite number of values, typically within a particular range. Solution requirements in a business analysis specify the conditions and capabilities a solution has to have in order to meet the need or solve the problem and provide clarity around delivery needs. Regression analysis: A modeling technique used to define the association between variables. Factor: A term often used in experimental design. It involves the acquiring, storing, and protection of data all in a bid to ensure the data remains accessible and reliable. Your account is where everything lives inside Google Analytics. Data engineering is a branch of data science that deals with the mechanisms of collecting and analysing data. The mismatch between the observed and modeled values. Eigenvalue: The length change when an eigenvector is projected onto itself. Discriminant analysis: A statistical analysis technique used to predict class membership from labeled data. Big Data includes so many specialized terms that it’s hard to know where to begin. Term Definition ; Adjusted meeting hours: An adjustment is applied so that overlapping time is not double-counted when a person has overlapping meeting hours. The degree of elongation or diminution is expressed by the eigenvalue. Wavelets: Small oscillating wave functions that are used for data filtering or data compression. This term is used to determine the strength and direction between objects in a graph. A data analyst discovers the ways how this data can be used to help the organization in making better business decisions. Common methods include scaling to unit variance and Pareto scaling. Unstructured data includes texts and multimedia content that does not fit neatly in a database. Cross-validation: A technique to evaluate the predictive ability of models by partitioning the original sample into training set(s) to train the model, and test set(s) to evaluate it. Manipulated variable: Variable that can be controlled and steers the system in some way, for instance set points in batch production. Single Data Dictionary . Data glossary definition: Analytics “Analytics is the discovery, interpretation, and communication of meaningful patterns in data” ().). 0 (zero) is both a number and the numerical digit used to represent that number in numerals. COST (change-one-separate-factor-at-a-time) approach: Also called OVAT (one-variable-at-a-time) or OFAT (one-factor-at-a-time), this is an intuitive method of “eye-balling” data to determine which factors may be influencing each other by calculating their average and standard deviation one at a time (an inefficient and error-prone method). Is particularly refered to as finding the best theoretical outcome of the data give! 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