Data Lakes are a centralised repository of raw data & has the ability to store structured, semi-structured and unstructured data from various sources including databases, social media and sensors. Data lakes are frequently used to store data for future study, such as machine learning and AI.

Prescriptive Analytics helps explicitly link analysis to decision making by making recommendations on what we should do or what choice we should make to achieve a certain outcome. This analytical method involves integration of numerical optimisation techniques with business rules and even financial models.

Online transaction processing (OLTP) is a type of database system used in transaction-oriented applications, such as many operational systems. “Online” refers to that such systems are expected to respond to user requests and process them in real-time.

Data Marts are a subset of a data warehouse that is tailored to the needs of a particular business unit or department. Data marts often contain data important to a specific business area, such as sales, marketing, or finance.

Structured data and unstructured data are two types of data commonly used in the field of data science. The type of data that is used depends on the specific application.

ETL and ELT are two data integration methodologies that are used to extract data from different sources, transform it into a consistent format, and load it into a data warehouse or data lake.

OLAP systems typically store data in a multidimensional format, which allows users to slice and dice the data to see different relationships and trends.

Predictive Analytics helps us take what we know about what happened in the past, & use that information to help us predict what will happen in the future. This analytical method involved application of advanced statistical methods or other numeric techniques such as linear regression or logistic regression.

The information-action value chain is a framework that helps organizations understand how information can be used to create value. It basically consists of three parts, namely before the methods, the methods and after the methods.