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Business Analytics quiz with actual & real answers.
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Business Analytics quiz with actual & real answers.
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Business Analytics quiz with actual &real answers.
Long Range Plan (LRP) ANS - A prediction of how the business will evolve within the next 3-5 years.
Input is needed from all departments to formulate this plan; each of these groups has expectations that
are translated into numbers to make a target
Annual Business Plan (ABP) ANS - How businesses capture expectations of stakeholder groups. Monthly
tracking is essential, looking at the actual numbers of the previous month compared to the target.
Reforcasting of expectations is done monthly which will in turn adjust the strategy.
Analysis ANS - The investigation of WHY something happened. Looking at the difference between
projected and actual numbers.
Analytics ANS - A model to create scenarios and predict performance based on these scenarios. Allows
management to make better informed decisions. Uses past and current data to make forecasts.
Business Intelligence (BI) ANS - The ultimate goal of any analytical project. The movement from simply
have facts to real insights. These insights will then form a strategy moving forward. The idea is to get an
accurate and deep understanding of a company's business through business intelligence.
Enterprise Performance Management ANS - Concept of developing organizational strategic goals, then
gather data to evaluate how the organization is performing in relation to those goals.
Metrics ANS - Targets of sub processes. Helps track performance under different aspects and determine
if the process needs to be improved. Same metrics are used to benchmark against other companies in
same industry.
End to end process mapping ANS - Outlines the steps required to complete a workflow in a company
from the very first transaction to the last. A single process will consist of several subprocesses.
Eliminates conflicts that would have otherwise risen. This allows one to see the entire business plan
before it is executed
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