2023 T2 INFS3603 INTRO TO BUSINESS ANALYTICS QUESTIONS AND
ANSWERS UPDATE 2024/2025 ALL ANSWERS 100% CORRECT
VERIFIED RATED A+ BEST EXAM SOLUTION FOR BUSINESS
Business intelligence BI [1] - CORRECT ANSWERS Focused on
current and past events that are captured in the data (i.e., What is
happening now and why?)
- It helps companies form strategies for current situations by
making data actionable. The information is broken down so that a
specific question that applies to what's happening now can be
answered.
- It is designed to tell you what has happened, what is happening
now and point to reasons why. It's descriptive.
- Its tools present data so that marketers, accountants and
managers without technical expertise are able to decipher it and
make informed business decisions. The visualization of key data
points is done automatically within BI tools without the help of a
data professional.
- It requires only basic math to calculate results - and software can
do that for the end user. BI relies on the creation of mathematical
models, querying, machine learning and artificial intelligence to
make projections
- The data is arranged into easy-to-read reports that tell users
what's happening. (Dashboards and charts are also commonly
used
- Many companies ease their way into analytics by implementing a
business intelligence strategy that will put a plan in place for
gathering, storing and structuring data.
Business analytics [1] - CORRECT ANSWERS Focused on what's
most likely to happen in the future (i.e., What will probably
happen next?). The role of analytics is to arm decision makers
with relevant and actionable information. This can be in the form
of metrics, tools, one-off insights
,2023 T2 INFS3603 INTRO TO BUSINESS ANALYTICS QUESTIONS AND
ANSWERS UPDATE 2024/2025 ALL ANSWERS 100% CORRECT
VERIFIED RATED A+ BEST EXAM SOLUTION FOR BUSINESS
- It uses data insights to form strategies that affect future
operations. The goal is to improve upon productivity and systems
that are currently in place.
- It is a type of predictive analytics. It identifies trends and
patterns in the business analytics data that suggest why things are
happening and whether similar results will occur in the future.
- More work is needed to parse out the useful information and
interpret it. It's a job that's better suited for someone who's had
data analysis training.
- Needs a data professional with an analytics skillset that knows
how to build machine learning capabilities.
- The data is taken a few steps further than reporting. Data
applications and statistical analysis is done to look further into
trends and determine why things are happening.
- Businesses begin to dive deeper with predictive business
analytics.
Business analytics BA [1] - CORRECT ANSWERS Concerned with
"the extensive use of data, statistical and quantitative analysis,
explanatory and predictive models, and fact-based management
to drive decisions and actions.
4 Vs of big data [1] - CORRECT ANSWERS Volume, variety,
velocity, veracity
Volume [1] - CORRECT ANSWERS Data at rest. Terabytes to
exabytes of existing data to process
- Volume poses a great challenge and opportunity as it could help
organisations understand people better
,2023 T2 INFS3603 INTRO TO BUSINESS ANALYTICS QUESTIONS AND
ANSWERS UPDATE 2024/2025 ALL ANSWERS 100% CORRECT
VERIFIED RATED A+ BEST EXAM SOLUTION FOR BUSINESS
Variety [1] - CORRECT ANSWERS Data in many forms. Structure,
unstructured, text, multilmedia
- Variety of data types to be processed becomes increasingly
diverse. Besides traditional data like documents, finances, stock
records, and personnel files, today photographs, audio, video, 3D
models, location data and complex simulations are being piled
into many corporate data silo. These are unstructured and hence
not easy to categorise and process traditionally
Velocity [1] - CORRECT ANSWERS Data in motion. Streaming
data, milliseconds to seconds to respond
- Velocity raise issues with the rate data flows into many
organisations, exceeding capacity of their IT systems. Delivering
this in real time can be challenging
Veracity [1] - CORRECT ANSWERS Data in doubt. Uncertainty
due to data inconsistency and incompleteness, ambiguities,
latency, deception, model approximations
Building a business analytics BA development function in an
organisation requires: [1] - CORRECT ANSWERS 3 features to
start building in-house BA capabilities:
- A data scientist team
- Tools and techniques
- Analytics methodology
Data scientist [1] - CORRECT ANSWERS Requires a
comprehensive set of skills. Think of him or her as a hybrid of data
hacker, analyst, communicator, and trusted adviser.
, 2023 T2 INFS3603 INTRO TO BUSINESS ANALYTICS QUESTIONS AND
ANSWERS UPDATE 2024/2025 ALL ANSWERS 100% CORRECT
VERIFIED RATED A+ BEST EXAM SOLUTION FOR BUSINESS
Abilities can be visualiser, modeller, communicator, technologist,
programmer, and data wrangler.
Types of business analytics BA: [1] - CORRECT ANSWERS
Descriptive, diagnostic (root cause analysis), predictive and
prescriptive
Descriptive analytics [1] - CORRECT ANSWERS The
conventional/simplest form of data analytics. It seeks to provide a
depiction or "summary view" of facts and figures based on
historical data or what happens in real time. Simply tells us "what
is" and describes relationships, does not tell managers what to do.
Example:
- Summarising past events such as regional sales, customer
attrition, or success of marketing campaigns.
- Tabulation of social metrics such as Facebook likes, Tweets, or
followers.
- How much is sold → How much to sell next season
- Any product with a high number of likes on social media →
Indicates popularity of product
Predictive analytics [1] - CORRECT ANSWERS It uses information
from the past to predict trends and behaviour patterns. As such
business decisions can be automated using algorithms and
techniques such as data mining, predictive modelling, machine
learning and AI. Example:
- Identify customers that are likely to abandon a service or
product.
- Send marketing campaigns to customers who are most likely to
buy.
