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Business Analytics questions with correct answers.
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Business Analytics questions withcorrect answers.
Business Analytics ANS - the use of data, information technology, statistical analysis, quantitative
methods, and mathematical or computer-based models to help managers gain improved insight about
their business operations and make better, fact- based decisions.
Some common types of decisions that can be enhanced by using analytics include ANS - • pricing (for
example, setting prices for consumer and industrial goods, government contracts, and maintenance
contracts)
. customer segmentation (for example, identifying and targeting key customer groups in retail,
insurance, and credit card industries),
. merchandising (for example, determining brands to buy, quantities, and • allocations),
. location (for example, finding the best location for bank branches and ATMs, or where to service
industrial equipment),
Analytical methods, in one form or another, have been used in business ANS - For over a century
modern evolution of analytics began with what? ANS - the introduction of computers in the late 1940s
and their development through the 1960s and beyond
business intelligence (BI) ANS - the collection, management, analysis, and reporting of data
information systems (IS) ANS - use IT to collect, organize, and distribute data for use in decision making
Statistical methods include ANS - the basic tools of description, exploration, estimation, and inference,
as well as more advanced techniques like regression, forecasting, and data mining.
Operations research (OR) ANS - A scientific discipline primarily begun during the Second World War
that seeks to apply the scientific method and mathematical models to the solution of a variety of
management decision problems
, Operations Research/Management Science (OR/MS) ANS - The analysis and solution of complex
decision problems using mathematical or computer-based models
modeling and optimization ANS - Techniques for translating real problems into mathematics,
spreadsheets, or other computer languages, and using them to find the best ("optimal") solutions and
decisions.
INFORMS ANS - the Institute for Operations Research and the Management Sciences - the leading
professional society devoted to OR/MS and analytics, and publishes a bimonthly magazine called
Analytics (http://analytics-magazine.com/).
Decision support systems (DSS) ANS - Computer-based interactive systems that help decision makers
use data and models to solve unstructured problems
A DSS includes three major components: ANS - 1. Data management. The data management
component includes databases for storing data and allows the user to input, retrieve, update, and
manipulate data.
2. Model management. The model management component consists of various statistical tools and
management science models and allows the user to easily build, manipulate, analyze, and solve models.
3. Communication system. The communication system component provides the interface necessary for
the user to interact with the data and model manage- ment components.
data mining ANS - focused on better understanding characteristics and patterns among variables in
large databases using a variety of statistical and analytical tools
Simulation and risk analysis ANS - relies on spreadsheet models and statistical analysis to examine the
impacts of uncertainty in the estimates and their potential interaction with one another on the output
variable of interest
what-if analysis ANS - process of changing values in cells to see how those changes affect the outcome
of formulas in the worksheet
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