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Chapter 1- Introduction to Business Analytics questions with right answers.
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Chapter 1- Introduction to Business Analytics questions with right answers.
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Chapter 1- Introduction to BusinessAnalytics questions with right answers.
Descriptive Analytics ANS - the use of data to understand past and current business performance and
make informed decisions
Predictive Analytics ANS - predict the future by examining historical data, detecting patterns or
relationships in these data, and then extrapolating these relationships forward in time
Prescriptive Analytics ANS - identify the best alternatives to minimize or maximize some objective
Business Analytics is the use of... ANS - -data
-information technology
-statistical analysis
-quantitative methods
-mathematical or computer based models to help managers gain improved insight about their business
operations and make better, fact-based decisions
Pricing ANS - setting prices for consumer and industrial goods, government contracts, and maintenance
contracts
Customer segmentation ANS - identifying and targeting key customer groups in retail, insurance, and
credit card industries
Merchandising ANS - determining brands to buy, quantities, and allocations
Location ANS - finding the best location for bank branches and ATMs, or where to service industrial
equipment
, Social Media ANS - understand trends and customer perceptions; assist marketing managers and
product designers
Benefits ANS - -reduced cots
-better risk management
-faster decisions
-better productivity
-enhanced bottom-line performance such as profitability and customer satisfaction
Challenges ANS - -lack of understanding of how to use analytics
-competing business priorities
-insufficient analytical skills
-difficulty in getting good data and sharing information
-not understanding the benefits versus perceived costs of analytics studies
IBM Cognos Express ANS - An integrated business intelligence and planning solution designed to meet
the needs of midsize companies, provides reporting, analysis, dashboard, scorecard, planning, budgeting
and forecasting capabilities
SAS Analytics ANS - Predictive modeling and data mining, visualization, forecasting, optimization and
model management, statistical analysis, text analytics, and more.
Tableau Software ANS - Simple drag and drop tools for visualizing data from spreadsheets and other
databases.
Data ANS - numerical or textual facts and figures that are collected through some type of measurement
process.
Information ANS - result of analyzing data; that is extracting meaning from data to support evaluation
and decision making.
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