Business analytics ex Study guides, Class notes & Summaries

Business Analytics - Answer-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 - Answer-• pricing (for example, setting prices for consumer and industrial goods, government contracts, and maintenance contracts) . customer segmen...

What is business analytics? - Answer-refers to the skills, technologies, and practices for continuous investigation of past business performance Independent variable - Answer-Variable whose value impacts dependent variables Dependent variable - Answer-variables representing market objectives, response to change in independent variable Descriptive analytics - Answer-tools that summarize what happened Predictive analytics - Answer-a variety of statistical techniques that analyze data t...

Strategic decision - Answer-A decision that involves higher-level issues and that is concerned with the overall direction of the organization, defining the overall goals and aspirations for the organization's future. Tactical decision - Answer-concern how the organization should achieve the goals and objectives set by its strategy, and they are usually the responsibility of midlevel management. Tactical decisions usually span a year and thus are revisited annually or even every six months. ...

Business Analytics Exam - Quiz Questions And Answers

Business Week - Answer-Provides stats about the economy including production indices, stock prices, mutual funds and interest rates. Statistics - Answer-Numeral Facts (Average, Medians, Percents, and Index Numbers) Data - Answer-Facts and figures collected, analyzed and summarized for presentation and interpretation Data Set - Answer-All data collected for a study Elements - Answer-Entities on which data are collected Variable - Answer-Characteristic of interest for the elements ...

Business Intelligence (BI) - Answer- Referring to tools and techniques for analyzing and visualizing past data Advanced Analytics (Data Science) - Answer- Refers to tools and techniques used to understand why something happened, predict future outcomes, or discover hidden patterns in large data sets Data-Driven Organizations - Answer- Make decisions that can be backed up with verifiable data Measurably more productive and profitable, can better respond to ongoing threats and opportuniti...

Business Analytics Exam 1 (WMD/R)

Data Set - Answer-A simple collection of data or a data file Database - Answer-A collection of data files that contain information on people, locations, and so on Computer Clouds - Answer-Hardware and software used for data remote storage, retrieval, and computational functions Data Warehousing - Answer-A collection of databases used for reporting and data analysis Big Data - Answer-Describes the collection of data sets that are so large and complex that software systems are hardly a...

data warehouses - Answer-where data is stored electronically, in vast digital repositories big data - Answer-data sets so large that traditional methods of storage and analysis are inadequate transactional data - Answer-data collected for recording the companies' transactions data mining or predictive analytics - Answer-the process of using transactional data to make other decisions and predictions business analytics - Answer-any use of statistical analysis to drive business decisio...

MBA5008 APPLIED BUSINESS ANALYTICS EXAM Q & A WITH RATIONALES 2024