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Intro to Business Analytics questions with right answers.
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Intro to Business Analytics questionswith right answers.
Business Analytics (data analytics) ANS - Implies the analysis of very large data sets (big data).
Statistics ANS - - The mathematical science that deals with the collection, analysis, & presentation of
data, which can then be used as a basis for inferences.
- The study of data analysis.
Management Science ANS - The study of model building, optimization, & decision making
Data analysis ANS - Data description, data inference, & the search for relationships in data.
Decision Making ANS - Optimization techniques for problems with no uncertainty, decision analysis for
problems with uncertainty, & structured sensitivity analysis.
Dealing with uncertainty ANS - Measuring uncertainty & modeling uncertainty explicitly.
Model ANS - An abstraction of a real problem that tries to capture the essence & key features of the
problem.
Types of models that can be a valuable aid in solving a real problem: ANS - - Graphical models
- Algebraic models
- Spreadsheet models
Graphical Models ANS - Portray graphically how different elements of a problem are related-- what
affects what.
- Do not provide enough quantitative elements of a problem & how they are related.
- Purpose is usually to show the important elements of a problem & how they are related.
, - Can be very enlightening for complex problems as information for management.
Algebraic Models ANS - - Use algebraic equations & inequalities to specify a set of relationships in a
very precise way.
- A typical example is the "product mix" model.
Spreadsheet Models ANS - An alternative to algebraic modeling that relates various quantities in a
spreadsheet with cell formulas.
- Instant feedback is available from spreadsheets.
- If a formula is entered incorrectly, it is often immediately obvious.
- Developing good models of this type is not easy; they must be correct, well designed, & well
documented.
Seven-Step Modeling Process ANS - - Define the problem
- Collect & summarize data
- Develop a model
- Verify the model
- Select one or more suitable decisions
- Present the results to the organization
- Implement the model & update it over time
Examples of how business use statistics: ANS - - Marketing Research: Focus group data, customer
surveys
- Advertising: Household surveys, TV viewing habits
- Operations: Quality control, reliability
- Finance & Economics: Data on income, credit risk, unemployment.
Data ANS - - Values assigned to observations or measurements.
- Raw facts or measurements of interest.
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