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Chapter 6 Key Terms
Karten in diesem Stapel (9)
- 1Benford’s lawThe principle that in any large, randomly produced set of natural numbers, there is an expected distribution of the first, or leading, digit with 1 being the most common, 2 the next most, and down successively to the number 9.
- 2computer-assisted audit techniques (CAATs)Automated scripts that can be used to validate data, test controls, and enable substantive testing of transaction details or account balances and generate supporting evidence for the audit.
- 3descriptive analyticsProcedures that summarize existing data to determine what has happened in the past. Some examples include summary statistics (e.g., Count, Min, Max, Average, Median), distributions, and proportions.
- 4diagnostic analyticsProcedures that explore the current data to determine why something has happened the way it has, typically comparing the data to a benchmark. As an example, these allow users to drill down in the data and see how they compare to a budget, a competitor, or trend.
- 5fuzzy matchingProcess that finds matches that may be less than 100 percent matching by finding correspondences between portions of the text or other entries.
- 6predictive analyticsProcedures used to generate a model that can be used to determine what is likely to happen in the future. Examples include regression analysis, forecasting, classification, and other predictive modeling.
- 7prescriptive analyticsProcedures that work to identify the best possible options given constraints or changing conditions. These typically include developing more advanced machine learning and artificial intelligence models to recommend a course of action, or optimizing, based on constraints and/or changing conditions.
- 8process miningAnalysis technique of business processes used to diagnose problems and suggest improvements where greater efficiency may be applied.
- 9t-testA statistical test used to determine if there is a significant difference between the means of two groups, or two datasets.
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- Key terms for Chapter 6 for Data Analytics
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