Business Analytics Test Paper 1 with Correct Answers

Your job as a CEO or owner... - Answer-make company better and build shareholder value BA used to... - Answer-gain actionable insights to make better decisions and automate/optimize business processes Successful BA depends on: (3) - Answer-- data quality - skilled analyst who understand technology and business - commitment to data-driven decisions Descriptive: - Answer-what happened? Predictive: - Answer-what is likely to happen? Prescriptive: - Answer-what should we do? Forms of descriptive analytics: (5) - Answer-- reporting - dashboards - scorecards - segmentation - clustering Forms of predictive analytics: (3) - Answer-- data mining - modeling - forecasting Forms of prescriptive analytics: (3) - Answer-- optimization - simulation - big data analysis Top reasons for using analytics: (4) - Answer-- gain competitive edge - make informed decisions - better strategy - knowledge and experience are no longer sufficient Top challenges to making BA work: (3) - Answer-- not focused on what's really important - don't know what to do with data, use dashboards - ERP system not set up to make information accessible and applicable Steps to making BA work: (6) - Answer-- expand the use of BA where feasible - integrate analytics across the organization - deploy analytics on business tasks - create data-management strategy with accessible data - deliver and communicate value - hire and develop the right analytical talent "Culture Shift" - Answer-securing executive support Why would you not make all decisions based on BA: (8) - Answer-- knowledge or experience of management - take advantage of an opportunity - competition - customers or products change - market/economy - man-made/nature issues - if you're right, you're a hero - if you're wrong, you're in an alternate career pattern Descriptive Business Analytics: (3) - Answer-- learn from past behaviors and understand how they influence the future - understand what's going on in the company at the aggregate level - tells you where you are and how you got there Descriptive BA examples: (2) - Answer-- when did customer X last visit the branch? - who are my most valuable customers? Usual Analytics: (3) - Answer-- financial - sales - inventory Business Analytics with ERP and CRM: - Answer-perform better than the competition and grow company/increase profits Analytics Aren't: (4) - Answer-- autopilot for companies - a substitute for knowledge and experience - infallible, garbage in garbage out - a decision maker 5 tips for analytics success: - Answer-- self-analysis of current state - identify a high-value, achievable, high-profile business and map in details and deliverables - establish strong executive support and funding - develop the company in parallel with analytics - measure, quantify, and publicize success