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2 - Introduction to Business Analytics (rated 100% correct).
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2 - Introduction to Business Analytics(rated 100% correct).
What is INFORMS? ANS - Institute for Operations Research and Management Sciences
How did INFORM define analytics? ANS - The scientific process of transforming data into insight for
making decisions.
How did the SAS institute define analytics? ANS - An encompassing and multidimensional field that
uses mathematics, statistics, predictive modeling and machine-learning techniques to find meaningful
patterns and knowledge in recorded data.
How did James Evans define analytics? ANS - The use of data, information, technology, statistical
analysis, quantitative methods, and mathematical or computer-based models to help managers gain
improved insight about their business operations and make better, fact-based decisions.
How did Bernard Marr define analytics? ANS - Something any manager, leader or in fact anyone should
know about; not only because analytics is one of the biggest buzzwords around at the moment but
because it will be a game changer in all aspects of life. In today's data driven world...
What is the first thing data analysts do? ANS - Collect and interpret data
What is the second thing data analysts do? ANS - Analyze resutls
What is the third thing data analysts do? ANS - Report the results back to the relevant members of the
business
What is the fourth thing data analysts do? ANS - Identifies patterns and trends in data sets
, What is the fifth thing data analysts do? ANS - Work alongside teams within the business or the
management team to establish business needs.
What are some of the most sought-after professionals in the world? ANS - Skilled data analysts.
What job growth is expected from 2012 to 2022? ANS - 32%
What is the first thing that goes into fact based decision making? ANS - Data
What is the second thing that goes into fact based decision making? ANS - Information Technology
What is the third thing that goes into fact based decision making? ANS - Computer-based Models
What is the fourth thing that goes into fact based decision making? ANS - Statistical
Analysis/Quantitative Methods
What is the first application of business analytics? ANS - Customer relationships
What is the second application of business analytics? ANS - Sports game strategies
What is the third application of business analytics? ANS - Pricing decisions
What is the fourth application of business analytics? ANS - Human Resource planning
What is the fifth application of business analytics? ANS - Supply chain management
What is the sixth application of business analytics? ANS - Financial and marketing
What are some companies that use big data and AI to improve performance? ANS - Amazon, Starbucks,
Netflix, Amex, Spotify, Burberry
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