Ebtm 350 - Study guides, Class notes & Summaries

EBTM350FinalExamQuestionswithCorrect Solutions. Creating good decision models requires: - Correct Answer -Solid understanding of business functional areas -Knowledge of business practice and research - Logical Skills empirical data - Correct Answer Information gathered from sensory observation and experimentation -Observe something; then develop model that best reflects what we observed spreadsheet engineering - Correct Answer The process of developing good, useful, and correct spreads...

BusinessAnalyticsEBTM350Examtermswith CorrectAnswers. Visual Perspective of Business Analytics Descriptive analytics - Correct Answer the use of data to understand past and current business performance and make informed decisions Predictive analytics - Correct 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 - Correct Answer identify the best altern...

EBTM 350 Ch1 Homework Study Guide 2024.Discuss how one might use business analytics in their personal life. Select all that apply. A. A golf player might use statistics to help to diagnose problems and improve their game. B. An automobile owner can predict when the next maintenance will be due by recording things such as the miles driven and gas mileage. This would help them budget accordingly. C. A store might keep track of inventory and use it to decide what items are in demand. D. A re...

Spreadsheet engineering - Answer the process of developing good, useful, and correct spreadsheet model characterizes the rela. b/t inputs and outputs it is important to reference the data for clients parasitize the model and clearly separate the data Newsvendor - Answer problems w/ a single period decision b/c of uncertain demand (seasonal retail inventory) loss from too much inventory or loss from too little, too much demand Data mining - Answer extracts patterns from data can be ex...