Introduction to Data Analytics in Accounting | Summary
notes
Big Data **** Companies use to describe the massive amount of data they now
capture, store, and analysze
Data Volume **** Amount of data created and stored by an organization
Data Velocity **** Refers to the pace at which data is created and stored
Data Variety **** Refers to the different forms data can take
Data Veracity **** Refers to the quality and trustworthiness of data
Mindset **** Mental attitude, a way of thinking, or frame of mind
Analytical Mindset **** 1. Ask the right questions
2. Extract, transform, and load relevant data
3. Apply appropriate data analytic technique
4. Interpret and share the results with stakeholders
SMART Framework **** Specific, measurable, achievable, relevant, timely
Specific **** Needs to be direct and focuses to produce a meaningful answer
Measurable **** Must be amendable to data analysis and thus the inputs to
answering the question must be measurable with data
Achievable **** Should be able to be answered; cause a decision maker to take an
action
Relevant **** Should relate to the objectives of the organization or the situation
under consideration
Timely **** Information that is available to decision-makers before it loses its
capacity to influence decisions.
ETL Process **** The process of extracting, transforming, and loading data
- Repetitive ETL processes can be fully automated so the extracting, transforming, and
loading data is done entirely by a computer program
Steps of the extraction process **** 1. Understand data needs and the data
available
Contact for help with assignments and revision materials
notes
Big Data **** Companies use to describe the massive amount of data they now
capture, store, and analysze
Data Volume **** Amount of data created and stored by an organization
Data Velocity **** Refers to the pace at which data is created and stored
Data Variety **** Refers to the different forms data can take
Data Veracity **** Refers to the quality and trustworthiness of data
Mindset **** Mental attitude, a way of thinking, or frame of mind
Analytical Mindset **** 1. Ask the right questions
2. Extract, transform, and load relevant data
3. Apply appropriate data analytic technique
4. Interpret and share the results with stakeholders
SMART Framework **** Specific, measurable, achievable, relevant, timely
Specific **** Needs to be direct and focuses to produce a meaningful answer
Measurable **** Must be amendable to data analysis and thus the inputs to
answering the question must be measurable with data
Achievable **** Should be able to be answered; cause a decision maker to take an
action
Relevant **** Should relate to the objectives of the organization or the situation
under consideration
Timely **** Information that is available to decision-makers before it loses its
capacity to influence decisions.
ETL Process **** The process of extracting, transforming, and loading data
- Repetitive ETL processes can be fully automated so the extracting, transforming, and
loading data is done entirely by a computer program
Steps of the extraction process **** 1. Understand data needs and the data
available
Contact for help with assignments and revision materials
