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Business Analytics Exam 1 With Correct Questions And Answers 2024
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Business Analytics Exam 1 With Correct Questions And Answers 2024
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Business Analytics Exam 1 With CorrectQuestions And Answers 2024
course .objectives .- .correct .answer.To .gain .an .understanding .of .how .managers .use
.business .analytics .to .formulate .& .solve .business .problems .to .support .managerial
.decision .making
To .become .familiar .with .the .processes .needed .to .develop, .report, .and .analyze .business
.data
To .give .you .the .skills .to .solve .complex .business .problems .using .analytical .techniques
.and .tools .on .spreadsheets
What .do .we .use .each .for?
Excel
Tableau
XLMiner
Solver .- .correct .answer.Excel .+ .Tableau- .Data .visualization
XLMiner .- .Data .mining
Solver .- .Optimization
Analytics .- .correct .answer.Process .of .transforming .data .into .actions .through .analysis
That .is, .transforming .data .into .useful .knowledge .to .solve .business .problems
process .may .be .initiated .by .the .desire .to .address .specific .problems .or .the .need .to
.explore .and .learn .from .existing .data
why .Is .analytics .important? .- .correct .answer.Data .is .everywhere!!
Every .sector
Every .economy
Every .organization
The .US .alone .faces .a .shortage .of .1.5 .Million .analysts .to .analyze .big .data .and .make
.decisions .based .on .their .findings
90% .of .the .data .in .the .world .today .has .been .created .in .the .last .- .correct .answer.2 .years
potential .value .from .utilizing .data .- .correct .answer.could .be .more .than .$300 .Billion .in
.value .every . year .
, it .is .the .core .of .enterprise, .companies .make .more .money .when .using .data .analytics
4 .types .of .business .analytics .- .correct .answer.descriptive, .diagnostic, .predictive,
.prescriptive
descriptive .analytics .- .correct .answer.preliminary .stage .of .data .processing .that .creates .a
.summary .of .historical .data .to .yield .useful .information .and .possibly .prepare .the .data .for
.further .analysis.
(What .happened?)
data .visualization, .dash .boards
diagnostic .analytics .- .correct .answer.used .for .discovery .or .to .determine .why .something
.happened. .For .example, .for .a .social .media .marketing .campaign, .you .can .use .descriptive
.analytics .to .assess .the .number .of .posts, .mentions, .followers, .fans, .page .views, .reviews,
.pins, .etc. .There .can .be .thousands .of .online .mentions .that .can .be .distilled .into .a .single
.view .to .see .what .worked .in .your .past .campaigns .and .what .didn't
(why .did .it .happen?) .data .modeling .and .trend .lines
Prescriptive .Analytics .- .correct .answer.really .valuable, .but .largely .not .used. .Where .big
.data .analytics .in .general .sheds .light .on .a .subject, .prescriptive .analytics .gives .you .a .laser-
like .focus .to .answer .specific .questions
(how .can .we .make .it .happen) .optimization .and .simulation .( .imitation .of .the .operation .of .a
.real-world .process .)
Predictive .Analytics .- .correct .answer.use .big .data .to .identify .past .patterns .to .predict .the
.future. .For .example, .some .companies .are .using .predictive .analytics .for .sales .lead
.scoring. .Some .companies .have .gone .one .step .further .use .predictive .analytics .for .the
.entire .sales .process, .analyzing .lead .source, .number .of .communications, .types .of
.communications, .social .media, .documents, .CRM .data, .etc. .Properly .tuned .predictive
.analytics .can .be .used .to .support .sales, .marketing, .or .for .other .types .of .complex
.forecasts.
(what .will .happen) .data .mining .n .predictive .forecasting
data .- .correct .answer.anything .that .gives .you .information
example .of .descriptive .& .diagnostic .analytics .- .correct .answer.Obtain .and .clean .400,000
.transactions .at .an .electronics .retailer .over .5 .years
Data .Modeling, .Visualization, .Trend .lines
example .of .predictive .analytics .- .correct .answer.Model .the .probability .a .customer
.purchases .product .x .in .their .next .transaction
Data .Mining, .Predictive .Models
example .of .prescriptive .analytics .- .correct .answer.Optimization .- .determine .which
.products .to .promote .in .real .time .to .a .customer .to .maximize .retailer .margin .(most .effective
.use .of .a .situation/resource)
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