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QMB 3200 CHAPTER 1(INTRODUCTION TO BUSINESS ANALYTICS) WITH CORRECT SOLUTIONS
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QMB 3200 CHAPTER 1(INTRODUCTION TO BUSINESS ANALYTICS) WITH CORRECT SOLUTIONSQMB 3200 CHAPTER 1(INTRODUCTION TO BUSINESS ANALYTICS) WITH CORRECT SOLUTIONSQMB 3200 CHAPTER 1(INTRODUCTION TO BUSINESS ANALYTICS) WITH CORRECT SOLUTIONS Business Analytics - ANSWER-The use of -Data -Information Tec...

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  • November 5, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • qmb 3200 chapter 1introduction to business analyt
  • qmb 3200 chapter 1 exam answers
  • business analytics answer the use of data in

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  • QMB 3200

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QMB 3200 CHAPTER 1(INTRODUCTION
TO BUSINESS ANALYTICS) WITH
CORRECT SOLUTIONS
Business Analytics - ANSWER-The use of

-Data
-Information Tech
-Statistical Analysis
-Quantitative Meth.
-Computer based Modeling

Helps managers gain improved insight about their business operations and make better,
fact-based decisions

Pricing - ANSWER-setting prices for consumer and industrial goods, government
contracts, and maintenance contracts

customer segmentation - ANSWER-identifying and targeting key customer groups in
retail, insurance, and credit card industries

merchandising - ANSWER-determining brands to buy, quantities, and allocations

location - ANSWER-finding the best location for bank branches and ATMs, or where to
service industrial equipment

Supply Chain Design - ANSWER-determining the best sourcing and transportation
options and finding the best delivery routes

staffing - ANSWER-ensuring appropriate staffing levels and capabilities, and hiring the
right people

health care - ANSWER-scheduling operating rooms to improve utilization, improving
patient flow and waiting times, purchasing supplies, and predicting health risk factors

Analytic foundation - ANSWER--business intelligence
-information systems
-statistics
-operations research/management science

Modern Business Analytic - ANSWER--Data Mining
-Simulation and risk analysis

, -Decision Support Systems (DSS)
-Visualization

Commercial Software - ANSWER--IBM Cognos Express
-SAS Analytics
-Tableau

Spreadsheets - ANSWER--Widely used
-Effective for manipulating data and developing and solving models
-Support powerful commercial add-ons
-Facilitate communication of results

Descriptive analytics - ANSWER-the use of data to understand past and current
business performance and make informed decisions

Predictive Analytics - ANSWER-predict the future by examining historical data,
detecting patterns or relationships in these data, and then extrapolating these
relationships forward in time.

Prescriptive Analytics - ANSWER-identify the best alternatives to minimize or maximize
some objective

Data - ANSWER-numbers or textual data that are collected through some type of
measurement process


Decision Model - ANSWER-A logical or mathematical representation of a problem or
business situation that can be used to understand, analyze, or facilitate making a
decision

Inputs - ANSWER--Data
-Uncontrollable inputs
-Decision Options

Qualitative Data has 2 levels - ANSWER-Nominal - data described as a category or
labels

(Female/Male or Single/Married/Divorced)

Ordinal - have all the properties of nominal data, with the added feature that we can
rank-order from highest to lowest

(Education Level)

Quantitative Data has 2 levels - ANSWER-Interval -

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