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Business Analytics questions with correct answers respectively.
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Business Analytics questions with correct answers respectively.
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Business Analytics questions withcorrect answers respectively.
What is business analytics? ANS - insight at the point of impact; it makes extensive use of data,
statistically and quantitative analysis, explanitory and predictive modeling, and fact-based management
to drive decision making
What questions gain insights? ANS - Q1: How are we doing?
A1: Scorecards and dashboards
Q2:Why?
A2:Reporting and Analytics
What questions gain foresight? ANS - Q3:What should we be doing?
A3:Planning, Forcasting, Predictive Analytics
What does alignment require? ANS - Data, business process integration between all units
What are the 3 D's of data analytics? ANS - Data Driven Decisions and actions
What are the drivers of Business Analytics? ANS - 1. dramatic increase in the amount of data to analyze
2. Affordable and user-friendly technology
3. Growing demand in business for self-serve BA
4. The need to understand what drives business performance and how to optimize these drives
5. Increased competitive global market place
What is the strategic role of BA? ANS - -support all levels of the ors's plans: strategic, tactical,
operational
- provide insights to formulate corporate strategies and drive business actions
, - employed as a critical tool to monitor, optimize corporate performance
What is the analytical competitor? ANS - organizations competing on analytics systematically to
outthink, outexecute, and outperform competition
What are the 3 types of business analytics? ANS - Descriptive, Predictive, Prescriptive
Descriptive marketing analytics ANS - Qs: What happened, what is happening now? (real-time)
BA: summary statistics, data visualization, dashboard
Predictive marketing analytics ANS - Qs: What could happen in the future, what trends? (future)
BA: Forcasting, regression, predictive model, data mining
Prescriptive marketing analytics ANS - Qs: What is the best action, what should we perscribe? (action)
BA: random testing, optimization modeling, simulaton
What are the 3 levels of BA? ANS - Past, Present and Future
What factors determine the past level of BA? ANS - New Insight: How and why did it happen? (model)
Known Information: What happened? (report)
What factors determine the present level of BA? ANS - New Insight: What's the best action?
(reccomended)
Known Information: What is happening now? (report)
What factors determine the future level of BA? ANS - New Insight: Whats the best and worst that can
happen? (predict, optimize, simulate)
Known Information: What will happen? (extrapolate)
BI vs BA ANS - BI: measure, monitor against goals (it centric)
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