00:01
The cfo of a mid -level investment firm reports the company has lost thousands of dollars through its data mining process due to poor accuracy, poor data accuracy and quality.
00:18
So what is the issue related to here? so we have a, sampling distribution, b, business intelligence, c, descriptive analytics, d, veracity, e, volume.
00:29
Let's go through what each of these would mean in this context.
00:32
So a sampling distribution is not really relevant here.
00:36
A sampling distribution is a distribution of a statistic for a given sample size.
00:51
So maybe you have a population, you're taking a sample, you're looking at the sample means, it would be the distribution of every possible sample mean for a given sample size.
00:59
It doesn't seem that she's complaining about that.
01:03
Business intelligence.
01:05
So this is a very broad term.
01:07
Basically for anything to do with analysing data for the use of business.
01:13
So data mining is part of that.
01:16
It broadly just means strategies or data in business.
01:35
So the data mining that she's talking about is going to fall under business intelligence, but there's a more specific answer that we can give here.
01:43
So let's not answer that.
01:44
Let's keep going...