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Business Analytics and Decision Making Midterm questions with 100% correct answers.
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Business Analytics and Decision MakingMidterm questions with 100% correct
answers.
Business Analytics ANS - the practice of repetitive, methodical exploration of an organization's raw data
through various tools and techniques with the goal of driving informed decisions
What does the business analytics process start with? ANS - A question
= something we need to solve
What are the stages in the business analytics process? ANS - 1) Data
2) Information
3) Knowledge
4) Widsom
What is Data? ANS - = raw, unorganized facts
- information that is pouring into an organization on a regular basis
What is Information? ANS - = potentially valuable concepts based on data
- organizes data into an understandable format
Information alone doesn't allow you to... ANS - make informed decisions
What is Knowledge? ANS - = what we understand based on information
- interpret information and draw insight
What is Wisdom? ANS - = effective use of knowledge and information in decision making
,= "so what"
What is the ultimate goal of the business analytics process? ANS - = make more informed decisions
What are the three types of Business Analytics? ANS - 1) Descriptive Analytics
2) Predictive Analytics
3) Prescriptive Analytics
* can be used in isolation or in combination based on the business question being asked/answered
What is Descriptive Analytics? ANS - = focuses on the set of techniques that describe what HAS
happened in the past or what is happening NOW
- backward looking
- uses spreadsheets of data and statistical analysis
In what stage does descriptive analytics fit? ANS - = the information stage
- note quite understanding the information, however data is not raw/unorganized
What is Predictive Analytics? ANS - = focuses on what WILL or SHOULD happen based on past trends
- uses more specific metrics/measurements than descriptive analytics
What is Predictive Modeling? ANS - = run through multiple iterations and combinations
- can't do with 100% accuracy
In what stage does predictive analytics fit? ANS - = knowledge stage
What is Prescriptive Analytics? ANS - = focuses on selecting the best course of action based on a set of
alternatives
- end result is a DECISION
, In what stage does prescriptive analytics fit? ANS - = wisdom stage
Baseball in terms of the three types of Business Analytics: ANS - 1) Descriptive: "What was the best
baseball player last year?"
2) Predictive: "Who will be the best baseball player next year?"
3) Prescriptive: "Of the top free agent short-stops available, who should we sign?"
See example in notes for DA, PA, and PrA. ANS -
What are the sources of Information for Business Analytics? ANS - 1) Statistics and Economics
2) Operations research
3) Artificial Intelligence
4) Database Technologies
Statistics and Economics tools for BA ANS - = statistical theories of pattern recognition, econometric
methods, statistical reasoning, and forecasting techniques
Operations research Tools for BA ANS - = Linear programming, decision theory, and game theory
- understand pattern of outcomes to know which range of behavior you should exhibit
Artificial Intelligence Tools for BA ANS - = Machine learning, artificial neural networks, and case based
reasoning systems
Database technology tools for BA ANS - = Data modeling, query languages, query optimization
Evolution of BA Tools: ANS - 1) Statistical Analytics
2) Relational Analytics
3) BIG data Analytics
Statistical Analytics Tools ANS - - don't require specific coding knowledge
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