INTRODUCTION TO BUSINESS ANALYTICS COMPREHENSIVE EXAM SCRIPT COMPLETE
QUESTIONS VERIFIED SOLUTIONS
● Predictive Analytics. 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. Answer: identify the best alternatives to
minimize or maximize some objective
● Business Analytics is the use of.... Answer: -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. Answer: setting prices for consumer and industrial goods,
government contracts, and maintenance contracts
, ● Customer segmentation. Answer: identifying and targeting key
customer groups in retail, insurance, and credit card industries
● Merchandising. Answer: determining brands to buy, quantities, and
allocations
● Location. Answer: finding the best location for bank branches and
ATMs, or where to service industrial equipment
● Social Media. Answer: understand trends and customer perceptions;
assist marketing managers and product designers
● Benefits. Answer: -reduced cots
-better risk management
-faster decisions
-better productivity
-enhanced bottom-line performance such as profitability and customer
satisfaction
● Challenges. Answer: -lack of understanding of how to use analytics
-competing business priorities
-insufficient analytical skills
-difficulty in getting good data and sharing information
QUESTIONS VERIFIED SOLUTIONS
● Predictive Analytics. 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. Answer: identify the best alternatives to
minimize or maximize some objective
● Business Analytics is the use of.... Answer: -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. Answer: setting prices for consumer and industrial goods,
government contracts, and maintenance contracts
, ● Customer segmentation. Answer: identifying and targeting key
customer groups in retail, insurance, and credit card industries
● Merchandising. Answer: determining brands to buy, quantities, and
allocations
● Location. Answer: finding the best location for bank branches and
ATMs, or where to service industrial equipment
● Social Media. Answer: understand trends and customer perceptions;
assist marketing managers and product designers
● Benefits. Answer: -reduced cots
-better risk management
-faster decisions
-better productivity
-enhanced bottom-line performance such as profitability and customer
satisfaction
● Challenges. Answer: -lack of understanding of how to use analytics
-competing business priorities
-insufficient analytical skills
-difficulty in getting good data and sharing information
