GLOSSARY

Introduction to Business Analytics

With John David Ariansen and Madecraft

Use these terms and definitions below to understand concepts taught in the course.

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Term Definition

business analytics The process of mining, modeling, and extracting data to generate
insights in order to enhance business operations

descriptive analytics Examining historical data trends to leverage internal data sources in
order to identify which operations are working well in a business

external data source Information that is generated from outside of a business organization

internal data source Information that a business organization is generating from its regular
activities

predictive analytics Using advanced calculations to build data models in order to predict
future occurrences

prescriptive analytics Building on predictive models in a way that provides recommendations

for how to capitalize on potential future occurrences

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