Business Analytics- Exam Paper 3 with Correct Answers

Long Range Plan (LRP) - Answer-A prediction of how the business will evolve within the next 3-5 years. Input is needed from all departments to formulate this plan; each of these groups has expectations that are translated into numbers to make a target Annual Business Plan (ABP) - Answer-How businesses capture expectations of stakeholder groups. Monthly tracking is essential, looking at the actual numbers of the previous month compared to the target. Reforcasting of expectations is done monthly which will in turn adjust the strategy. Analysis - Answer-The investigation of WHY something happened. Looking at the difference between projected and actual numbers. Analytics - Answer-A model to create scenarios and predict performance based on these scenarios. Allows management to make better informed decisions. Uses past and current data to make forecasts. Business Intelligence (BI) - Answer-The ultimate goal of any analytical project. The movement from simply have facts to real insights. These insights will then form a strategy moving forward. The idea is to get an accurate and deep understanding of a company's business through business intelligence. Enterprise Performance Management - Answer-Concept of developing organizational strategic goals, then gather data to evaluate how the organization is performing in relation to those goals. Metrics - Answer-Targets of sub processes. Helps track performance under different aspects and determine if the process needs to be improved. Same metrics are used to benchmark against other companies in same industry. End to end process mapping - Answer-Outlines the steps required to complete a workflow in a company from the very first transaction to the last. A single process will consist of several subprocesses. Eliminates conflicts that would have otherwise risen. This allows one to see the entire business plan before it is executed Hire to Retire (H2R) - Answer-Sustains all organizational aspects related to the recruitment of an employee and activities until retirement. Retirement is any situation in which the employee leaves the company. Source to Pay (S2P)* - Answer-The process related to obtaining and managing raw materials and supplies for production. For service: the process in obtaining the products