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business analytics (rated 100% correct).
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business analytics (rated 100% correct).Business analytics is the use of... ANS - data, information technology, statistical analysis,
quantitative methods, and mathematical or computer-based models to help managers gain improved
insight about their business operations and make better, fact-based decisions.
data mining ANS - focuses on better understanding of characteristics and patterns among variables in
large databases using statistical and analytical tools
Simulation and risk analysis: ANS - examines the impact of uncertainty in the estimates and their
potential impacts on variables
What if and sensitivity analysis ANS - how can changes in the values of input variables affect the
outputs
visualization ANS - used for easy communication
benefits of applying business analytics ANS - reduced costs, better risk management, faster decisions,
better productivity and enhanced bottom-line performance such as profitability and customer
satisfaction.
challenges of business analytics ANS - lack of understanding of how to use analytics, competing
business priorities, insufficient analytical skills, difficulty in getting good data and sharing information,
and not understanding the benefits versus perceived costs of analytics studies.
Descriptive analytics ANS - the use of data to understand past and current business performance and
make informed decisions
Predictive analytics ANS - predict the future by examining historical data, detecting patterns or
relationships in these data, and then extrapolating these relationships forward in time.
, Prescriptive analytics ANS - identify the best alternatives to minimize or maximize some objective,
mostly done by using optimization techniques
data ANS - numerical or textual facts and figures that are collected through some type of measurement
process. They are the raw facts and meaningless unless put in a context
information ANS - processed data that is refined and organized by processing, (data and figures that are
collected, summarized, analyzed, and interpreted) to support evaluation and decision making.
knowledge ANS - can include facts, descriptions, information, and/or skills acquired through experience
or education.
decision ANS - reasoned choice among alternatives
characteristics of a decision ANS - A decision statement which states what we are trying to decide
A set of alternatives. The alternatives are the possible decisions we can make,
A set of decision-making criteria. Decision-making criteria are what we want to optimize in a decision
decision making process ANS - Intelligence Phase
Finding the problem
Problem classification
Problem decomposition
Problem ownership
Design Phase: identifying alternatives
Choice Phase: Choosing among alternatives
algorithm ANS - step-by-step search process for arriving to an optimal solution.
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