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Business Analytics Chapters 1-2 questions with right answers.
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Business Analytics Chapters 1-2questions with right answers.
The core of business analytics consist of 3 disciplines ANS - 1) Business intelligence and information
systems
2) Statistics
3) Modelling and optimization
Business Intelligence ANS - The collection, management, analysis, and reporting of data
*Has now evolved into the modern discipline known as "information systems (IS)"
Statistical Methods ANS - Goes beyond business intelligence reporting by not only summarizing data
succinctly, but also finding unknown and interesting relationships among data
Statistical Methods include...... ANS - *Basic tools of description
*Exploration
*Estimation
*Inference
*Regression, forecasting, and data mining
Operations Management (or Management Science) ANS - Modern business analytics which stems from
the analysis and solution of complex decision problems using mathematical or computer-based models
Data Mining ANS - Focused on better understanding characteristics and patterns among variables in
large databases using a variety of statistical and analytical tools
Simulation and Risk Analysis ANS - Relies on spreadsheet models and statistical analysis to examine the
impacts of uncertainty in estimates and their potential interaction with one another on the output
variable of interest
, Decision Support Systems (DSSs) ANS - DSSs include 3 components
1) Data management: includes databases for storing data and allows the user to input, retrieve, update,
and manipulate data
2) § Model Management: consists of various statistical tools and management science models and
allows the user to easily build, manipulate, analyze, and solve models
3) Communication System: provides the interface necessary for the user to interact with the data and
model management components
What-if Analysis ANS - A key feature of DSS, and focuses on how specific combinations of inputs that
reflect key assumptions will affect model outputs
*also used to assess the sensitivity of optimization models to changes in data inputs and provide better
insight for making good decisions
Visualization ANS - provides a way fo easily communicating data at all levels of business and can reveal
surprising patterns and relationships
Tag Cloud ANS - A type of visualization of text that shows words that appear more frequently with
larger font
· Business analytics begins with the collection, organization, and manipulation of data and is supported
by three major components ANS - 1) Descriptive Analytics
2) Predictive Analytics
3) Prescriptive Analytics
Descriptive Analytics ANS - the use of data to understand past and current business performance and
make informed decisions
*most commonly used and most well-understood type fo analytics
*Summarizes data into meaningful charts and reports
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