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Advanced Business Analytics questions with correct answers respectively.
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Advanced Business Analytics questions with correct answers respectively.
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Advanced Business Analytics questionswith correct answers respectively.
refers to the skills, technologies, and practices for continuous iterative exploration and investigation of
past business performance (e.g., sales and return on investment) to gain insight and drive business
planning: ANS - business analytics
Business Analytics Advantages ANS - 1. Drive Revenue
2. Save Money
3. Encourage Experimentation
4. Side Step Politics
5. Persuade Executives
descriptive analytics ANS - : Tools that summarize what happened DATA SUMMARIZATION
Basic reporting
predictive analytics ANS - A variety of statistical techniques that analyze data to make predictions about
future PREDICTION ABOUT FUTURE
Predictive modeling (e.g., regression), Data mining
prescriptive analytics ANS - Statistical techniques that make predictions and then suggest decision
options to take advantage of the predictions DESCISION MAKING
Challeneges of Business Analytics ANS - 1. Managing 6Vs of Big Data
2. Growth of Unstructured Data
3. Underestimating the Hard work
4. Hiring the right people
6Vs of Big data ANS - 1. Volume: Big data implies large volumes of data
, 2. Velocity: It is the speed of data processing
3. Variety: Many sources and types of data are
structured and unstructured
4. Volatility: It refers to how long data is valid and
how long it should be stored (KNOW THIS ONE WELL)
5. Validity: Data should be correct and accurate for the
intended use
6. Value!
Analysis is tip of ICeberg while _______________ is the underestimated ANS - 1.Understanding
business needs
2.Mapping those to data needs
3. Getting
good quality data
business analysts want to find ______ ______ ANS - practical solutions
3 Methods of Data Analytics ANS - 1. Data Analysis
2. Decision Making
3.Dealing with uncertainty
data analysis ANS - analysis—includes data description, data inference, and the search for relationships
in data
descision making ANS - includes optimization techniques for problems with no uncertainty, decision
analysis for problems with uncertainty, and structured sensitivity analysis (KNOW IT THE MOST)
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