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Business Analytics Exam 1 questions with rightful answers.
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Business Analytics Exam 1 questionswith rightful answers.
business analytics ANS - the use of current business data,statistics, and quantitative methods to solve
business problems using mathematical analysis
reduces costs, better risk management, better branch performance (merchandising,supply
chain,healthcare,etc) ANS - benefits of business analytics
lack of understanding use, competing priorities, insufficient analytical skills,difficult getting good data,
not understanding benefits ANS - challenges of business analytics
business intelligence, information technology, statistics, operations research/management science ANS
- analytical foundations
data mining, simulation and risk analysis, decision support system, visualization ANS - modern business
analytics
make a picture, make a picture, make a picture ANS - 3 rules of analytics
descriptive, predictive, prescriptive ANS - 3 types of analytics
descriptive analytics ANS - the use of data to understand past and current business performance and
make informed decisions
predictive analytics ANS - extracts information from past data and uses it to predict future trends and
identify behavioral patterns
prescriptive analytics ANS - identify the best alternatives to minimize or maximize some objective
, reliability ANS - data accuracy and consistency of measurement
validity ANS - actually measuring exactly what you intend to measure
big data ANS - the huge and complex data from a variety of sources available in real time and with
much uncertainty and unpredictibility
veracity ANS - truthfulness
model ANS - A representation of an actual system,idea, or thing
visual model ANS - A sketch of sales as an S-shaped curve over time
mathematical model ANS - one or more equations that represent the way a system or process works
decision model ANS - A logical or mathematical representation of a problem or business situation that
can be used to understand, analyze, or facilitate making a decision
data, uncontrollable inputs, decision options ANS - types of inputs
descriptive models ANS - model explaining what people actually do, evaluates decisions by asking
"what if"
predictive model ANS - a model used to predict an unknown outcome by means of a defined target
variable
predictive model ANS - a model that offers a prediction of what decisions will result in the future
optimization ANS - finding values of decision variables that minimize (or maximize) something such as
cost (or profit)
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