QMB 3200 CHAPTER 1(INTRODUCTION TO BUSINESS ANALYTICS) WITH CORRECT SOLUTIONS
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Course
QMB 3200
Institution
QMB 3200
QMB 3200 CHAPTER 1(INTRODUCTION TO BUSINESS ANALYTICS) WITH CORRECT SOLUTIONSQMB 3200 CHAPTER 1(INTRODUCTION TO BUSINESS ANALYTICS) WITH CORRECT SOLUTIONSQMB 3200 CHAPTER 1(INTRODUCTION TO BUSINESS ANALYTICS) WITH CORRECT SOLUTIONS
Business Analytics - ANSWER-The use of
-Data
-Information Tec...
QMB 3200 CHAPTER 1(INTRODUCTION
TO BUSINESS ANALYTICS) WITH
CORRECT SOLUTIONS
Business Analytics - ANSWER-The use of
-Data
-Information Tech
-Statistical Analysis
-Quantitative Meth.
-Computer based Modeling
Helps managers gain improved insight about their business operations and make better,
fact-based decisions
Pricing - ANSWER-setting prices for consumer and industrial goods, government
contracts, and maintenance contracts
customer segmentation - ANSWER-identifying and targeting key customer groups in
retail, insurance, and credit card industries
merchandising - ANSWER-determining brands to buy, quantities, and allocations
location - ANSWER-finding the best location for bank branches and ATMs, or where to
service industrial equipment
Supply Chain Design - ANSWER-determining the best sourcing and transportation
options and finding the best delivery routes
staffing - ANSWER-ensuring appropriate staffing levels and capabilities, and hiring the
right people
health care - ANSWER-scheduling operating rooms to improve utilization, improving
patient flow and waiting times, purchasing supplies, and predicting health risk factors
Analytic foundation - ANSWER--business intelligence
-information systems
-statistics
-operations research/management science
Modern Business Analytic - ANSWER--Data Mining
-Simulation and risk analysis
Spreadsheets - ANSWER--Widely used
-Effective for manipulating data and developing and solving models
-Support powerful commercial add-ons
-Facilitate communication of results
Descriptive analytics - ANSWER-the use of data to understand past and current
business performance and make informed decisions
Predictive Analytics - ANSWER-predict the future by examining historical data,
detecting patterns or relationships in these data, and then extrapolating these
relationships forward in time.
Prescriptive Analytics - ANSWER-identify the best alternatives to minimize or maximize
some objective
Data - ANSWER-numbers or textual data that are collected through some type of
measurement process
Decision Model - ANSWER-A logical or mathematical representation of a problem or
business situation that can be used to understand, analyze, or facilitate making a
decision
Qualitative Data has 2 levels - ANSWER-Nominal - data described as a category or
labels
(Female/Male or Single/Married/Divorced)
Ordinal - have all the properties of nominal data, with the added feature that we can
rank-order from highest to lowest
(Education Level)
Quantitative Data has 2 levels - ANSWER-Interval -
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