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Defintion of "Big Data" What are the most critical advantages of Big Data in terms of competition?
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- 1) Define CRM and SCM systems by describing their characteristics and components, explain each of the two main types of data analytics that exist – descriptive and predictive – including how each works. Critically evaluate how, and for which purposes, data analytics can be applied in conjunction with CRM and SCM systems. Refer to concepts learned in class and use examples to illustrate your arguments.How is exploratory data analysis (EDA) different from hypothesis testing when it comes to data mining, and why do analysts use it?What is the role of data analytics in business? Who is responsible for performing data analytics? How is data analytics performed?
- Why is data an important asset in an organization? Compare the framework for business analytics and data value chain. What are the advantages of performing the different types of analytics in an organizationHow does master data management (MDM) differ from traditional data management practices? What are the benefits of implementing MDM in an organization's data strategy?Take into account the following: Do you think Big Data and Predictive Analytics would have been useful in marketing a decade or two ago? And how did things get to this point?
- Explain the role of OLAP (Online Analytical Processing) in data warehousing. How does OLAP enable multidimensional analysis of data, and what are its advantages in business intelligence applications?Explore the role of OLAP (Online Analytical Processing) in data warehousing. How does it enable complex data analysis and reporting?It's the key distinction between business intelligence and analytics that makes the two distinct from each other.