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The Division of Information Technology

Analytics Concepts

Term Definition
Analytics Analytics is the process of applying computational procedures to data sets in order to reveal information that answers strategically important questions.
Big Data As an object, big data is any type of data produced in significant quantities, at significant rates, and that is difficult to process and store using traditional data management methods. There are "4 V's" that characterize big data: variety, volume, velocity, and veracity. As an action or process, big data entails gathering rapidly generated, massive and varied data sets for analysis to reveal insights.
Business Intelligence  Business intelligence comprises the use of technologies and procedures to gather data about an organization, analyze it, and present it in a meaningful way that enables decision-making.
Data Mining  Data mining entails applying computational algorithms to data to identify patterns in it that can be used to predict future events.
Key Performance Indicators Key Performance Indicators (KPIs) are quantifiable measures used to assess the status of projects or initiatives that drive the strategic plan of an organization. KPIs define the organization's critical success factors and monitor their standing.
Knowledge Management Knowledge management is the systematic process to collect, maintain, and make available the knowledge assets generated by an organization's employees. Knowledge management serves to help employees learn new tasks or skills as well as to prevent the loss of organizational knowledge that occurs when employees retire or leave the organization
Operational Reporting Operational reporting is the act of compiling up-to-the-minute data into reports, charts, or graphs that help with tactical decision-making.