39  Glossary

Algorithm:
A process or set of rules followed to complete a specific task or solve a defined problem.

Big data:
Large, complex datasets that span long periods of time and allow data analysts to address broad, strategic business problems.

Dashboard:
A dynamic tool that monitors live, incoming data and presents it visually for quick analysis and decision-making.

Data-inspired decision-making:
An approach that combines data insights with human reasoning, exploring multiple data sources to identify meaningful patterns and commonalities.

Metric:
A single, quantifiable type of data used to measure performance or progress toward a goal.

Metric goal:
A measurable objective set by an organization and evaluated using one or more defined metrics.

Pivot chart:
A visual representation of data generated from a pivot table, allowing users to analyze relationships between summarized fields.

Pivot table:
A powerful data summarization tool used to sort, reorganize, group, count, total, or average large amounts of data efficiently.

Problem types:
The six categories of analytical challenges data analysts encounter—categorizing things, discovering connections, finding patterns, identifying themes, making predictions, and spotting something unusual.

Qualitative data:
Subjective, descriptive information that explains qualities or characteristics and answers “why” questions.

Quantitative data:
Objective, numerical information that measures quantities, frequencies, or ranges and answers “what,” “how many,” or “how often” questions.

Report:
A static, periodic collection of data summaries shared with stakeholders, often used to review performance or track progress.

Return on Investment (ROI):
A financial formula that compares profit earned to the cost of an investment to evaluate its effectiveness.

Revenue:
The total income a business generates through the sale of its goods or services before deducting expenses.

Small data:
Smaller, focused datasets gathered over short time periods, often used for operational decisions and day-to-day analysis.