Business Analytics Chapters 1-4 Questions & Answers
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Course
Business Analytics
Institution
Business Analytics
Data Set - ANSWERSA simple collection of data or a data file
Database - ANSWERSA collection of data files that contain information on people, locations, and so on
Computer Clouds - ANSWERSHardware and software used for data remote storage, retrieval, and computational functions
Data Wareho...
Business Analytics Chapters 1-4
Questions & Answers
Data Set - ANSWERSA simple collection of data or a data file
Database - ANSWERSA collection of data files that contain information on people,
locations, and so on
Computer Clouds - ANSWERSHardware and software used for data remote storage,
retrieval, and computational functions
Data Warehousing - ANSWERSA collection of databases used for reporting and data
analysis
Big Data - ANSWERSDescribes the collection of data sets that are so large and
complex that software systems are hardly able to process them
Little Data - ANSWERSDescribes the smaller data segments or files that help individual
business keep track of customers
Analytics - ANSWERSA process that involves the use of statistical techniques,
information system software, and operations research methodologies to explore,
visualize, discover and communicate patterns or trends in data
Business Analytics - ANSWERSA process beginning with business-related data
collection and consisting of sequential application of descriptive, predictive, and
prescriptive major analytic components, the outcome of which supports and
demonstrates business decision-making and organizational performance
Descriptive - ANSWERSPurpose: To identify possible trends in large data sets or
database. The purpose is to get a rough picture of what generally the data looks like
and what criteria might have potential for identifying trends or future business behavior
Predictive - ANSWERSPurpose: To build predictive models designed to identify and
predict future trends
Prescriptive - ANSWERSPurpose: To allocate resources optimally to take advantage of
predictive trends or future opportunities
Business Intelligence - ANSWERSSet of process and technologies that convert data
into meaningful and useful information for business purposes
, Business Analytic Process - ANSWERSInvolves the three major component steps
applied sequentially to a source of data
Query Drilldown - ANSWERSThe mining effort of questioning and finding answers to
pull up useful information in the BA analysis
Categorical Data - ANSWERSData that is group by one or more characteristics.
Ordinal Data - ANSWERSData that is ranked or ordered to show relational preference
Example- Ranking business firms on product quality
Interval Data - ANSWERSData that is arranged along a scale where each value is
equally distant from others. It is ordinal data.
Example- A temperate gauge
Example- Survey using a likert scale
Ratio Data - ANSWERSData expressed as a ratio on a continuous scale
Example- The ratio of firms with green manufacturing programs is twice that of firms
without such programs
Organization Decision Making Process - ANSWERSDeveloped by Elbing in 1970,
focuses on decision making to solve problems but could also be applied to finding
opportunities in data and deciding what is the best course of action to take advantage of
them
Strategic Planning - ANSWERSUsually performed by senior-level management to
provide general guidance on broad, long-range goals, such as seeking organizational
growth
Tactical Planning - ANSWERSUsually performed by middle-level managers to develop
implementation tactics for strategy planning. These are usually middle-range goals such
as acquiring additional firms to support the growth strategy
Operational Planning - ANSWERSUsually performed by lower-level managers to
implement short-range goals, such as hiring more personnel to handle short term
growth in demand
Competitive Advantage - ANSWERSThe ability of one business to perform at a higher
level, staying ahead of present competitors in the same industry or market
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