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Business analytics reviewed questions with correct answers.
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Business analytics reviewed questionswith correct answers.
Scope of Business Analytics ANS - Descriptive analytic
Predictive analytics
Prescriptive analytics
Descriptive analytic ANS - •Uses data to understand past and present
• Most common & easily understood, analyzes business performance: Which factory has lowest
productivity?
Predictive analytics ANS - • Analyzes past performance to predict the future
• Detects hidden patterns & trends, bases on past results , what will happen if demand fails 10%?
Prescriptive analytics ANS - • Uses optimization techniques to minimize or maximize some objective
• How much should be produced to maximize profit?
Data Reliability, Validity, & Decision Models ANS - Reliability: data is accurate and consistent
Validity: provides a possible correct measurement
Model: is an abstraction or representation of a real system, idea, or object.
Reliability: ANS - data is accurate and consistent
Validity: ANS - provides a possible correct measurement
• # of calls to a service desk is reliable, but not valid if used for determining customer dissatisfaction
, • Tire pressure gage that red below true value is not reliable, but provides a valid reading.
Model: ANS - is an abstraction or representation of a real system, idea, or object.
• Captures the most important features
• Can be written or verbal description, a visual display, a mathematical formula, or a spreadsheet
representation.
Data for Business Analytics ANS - • Metrics:
• Measure:
• Discrete metrics- involve counting
• Continuous metrics- are based on a continuous scale of measurement and rounded
• Metrics: ANS - Are used to quantify performance: Ex: customer satisfaction
• Measure: ANS - are numerical values of metrics. Ex: Rating on a scale from 1 to 10
Discrete metrics- involve counting ANS - Delivery is either on time or not
o Number of proportion of on time deliveries.
Continuous metrics- are based on a continuous scale of measurement and rounded ANS - o Deliver
time
o Package weight.
Decision Models ANS - • A decision model is a model used to understand, analyze, or facilitate decision
making.
• Input: data , uncontrollable, variables (EX: cannot predict inflation rates)decision variable that are
controllable (Ex: Known amount—staffing levels)
Decision Models ANS - A Descriptive decision Models
• Simply tell "what is" and describe relationships
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