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Business Analytics & Decision Making [Midterm] questions reviewed & verified. $9.49   Add to cart
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Business Analytics & Decision Making [Midterm] questions reviewed & verified.
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  • Business Analytics

Business Analytics & Decision Making [Midterm] questions reviewed & verified.

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  • August 26, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • business analytics decision making midterm que

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  • Business Analytics
  • Business Analytics

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Business Analytics & Decision Making
[Midterm] questions reviewed & verified.

Analytcis ANS - the practice of iterative, methodical exploration of an organizations raw data through
various tools and techniques, with the goal of driving INFORMED decision making



What is the process of business analytics ANS - data, information, knowledge, wisdom



data ANS - raw, unorganized facts



information ANS - potentially valuable concepts based on data



knowledge ANS - what we understand based on information



wisdom ANS - effective use of information in decision making



three types of business analytics ANS - descriptive analytics, predictive analytics, prescriptive analytics



descriptive analytics ANS - - [information]

- focuses on what HAS happend or what is happening NOW

- ex. finding the best baseball player in the past season



predictive analytics ANS - - [knowledge]

- focuses on what WILL and SHOULD happen based on past trends

- ex. finding the best baseball player in a future season using a specific metric



prescriptive analytics ANS - - [wisdom]

- focuses on selecting the best course of action based on a set of alternatives

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