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IS CH 6 Business Intelligence and Analytics (rated 100% correct).
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IS CH 6 Business Intelligence andAnalytics (rated 100% correct).
Business Analytics motto ANS - Not everything that can be counted counts, and not everything that
counts can be (easily) counted - Einstein
Business Analytics (BA) ANS - The extensive use of data and quantitative analysis to support fact-based
decision making within organizations
Business analytics can be used to: ANS - 1. Gain a better understanding of current business performance
2. Reveal new business patterns and relationships
3. Explain why certain results occurred
4. Optimize current operations
5. Forecast future business results
Business Analytics can Answer... (7) ANS - 1. After making the changes, are the desired outcomes as
expected?
2. What factors can influence a better outcome for business?
3. Do we see a trend or pattern emerging?
4. What is happening now?
, 5. When and where has it happened?
6. What are the factors that led it to happen?
7. What has happened?
3 Different Types of Business Analytics ANS - Data Analytics
Predictive Analytics
Business Analytics
Data Analytics (6) ANS - - A process of inspecting
- Cleaning, transforming
- Modeling data
- Discovering useful information
- suggesting conclusions
- Supporting decision making
Predictive Analytics (3) ANS - - Variety of techniques
- Current and Historical Facts to make Predictions about the future
-Actuarial science, marketing, financial services, insurance, telecommunications, retail, travel,
healthcare, pharmaceuticals
Business Analytics ANS - a. -refers to the skills, technologies, applications and practices for continuous
interactive exploration and investigation of part business performance to gain insight and drive business
planning.
a. -it focus on developing new insights and understanding of business performance based on data and
statistical methods
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