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Business Analytics - Chapter 1 questions with actual answers.
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Business Analytics - Chapter 1questions with actual answers.
Data Analytics ANS - is a process that involves: (a) identifying the problem, (b) gathering relevant data
that frequently are not in a usable form, (c) cleaning up the data to make them usable, (d) loading them
into data storage models, (e) manipulating them to discover information that leads to actionable
insights, and (f) making decisions based on those insights.
What are the questions that Data Analytics enables to answer ? ANS - 1. What has happened in the
past ?
2. Why did it happen ?
3. What could happen in the future? With what certainty
4. What actions can we take now to support or prevent certain events from happening in the future ?
5. Can some of the actions resulting from our insights be automated ?
6. Can the analytics process be automated ?
Data ANS - are the raw figures, numbers, or text that serve as the starting point of analysis.
Information ANS - causes or results of an event.
Statistics ANS - is a rigorous branch of mathematics that deals with understanding data. It involves the
collection or sampling, organization, modeling, analysis, interpretation, and presentation of data.
Computer Science ANS - is the study of how computers work and the application of theory to improve
computing methods and capabilities.
Domain Knowledge ANS - relates to the expertise gained by individuals in certain areas or fields.
, Data Science ANS - is the intersection of computer science, statistics and domain knowledge. It involves
the use of computers to acquire knowledge by analyzing large amounts of data using models and
domain expertise.
Data Scientist ANS - a practitioner of data science.
Business Intelligence (BI) ANS - has been used to describe analytics in the context of business data. BI
focuses primarily on business data, financial data, and marketing data to gain business value, customer
loyalty, and other benefits. It is largely descriptive in nature, recounting what has happened in the past.
Why Study Analytics ? ANS - Analytics is an exciting field that has applications in all walks of life. The
demand for people who possess the skills to understand and analyze data has grown to the point that
employers are pushing educators to better train students in the fundamentals of data analysis.
Business and Data Analytics ANS -
Retail (Application of Analytics) ANS - Analytics is used extensively to assist in pricing, timing of pricing
strategies, and amount of discounts; product placement; and up-selling and cross-selling of products.
Manufacturing ANS - A type of data analysis called demand forecasting is the core of manufacturing
planning.
Marketing ANS - Targeted marketing is made possible with predictive analytics. Marketers can analyze
each customer's behavior and use these data to predict future behaviors. They can then launch targeted
individualized marketing campaigns based on this information. The effectiveness of the campaign is
measured based on customer response.
Supply Chain ANS - Selecting suppliers and optimizing distribution costs both utilize data analytics
techniques.
Customer Service/Help Desk ANS - Customized service is based on analysis of prior work orders or help
tickets, the procedures that succeeded, problem-solving metrics, and data from various sources.
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