Business Analytics Exam Paper 2 with Correct Answers

What is business analytics? - Answer-refers to the skills, technologies, and practices for continuous investigation of past business performance Independent variable - Answer-Variable whose value impacts dependent variables Dependent variable - Answer-variables representing market objectives, response to change in independent variable Descriptive analytics - Answer-tools that summarize what happened Predictive analytics - Answer-a variety of statistical techniques that analyze data to make predictions about the future Prescriptive analytics - Answer-statistical techniques that make predictions and then suggest decisions options to take advantage of the predictions 5 examples of business analytics advantage - Answer-1. Drive revenue 2. Save money 3. Persuade executives 4. Apply analytics tools to side-step politics in some cases 5. Encourage experimentation Four key challenges in doing business analytics - Answer-1. Hiring the right people 2. Managing 6 V's of big data 3. Understanding the hard work 4. Growth of unstructured data Four main elements in the data-driven tasks - Answer-1. Data access 2. Data management 3. data analysis 4. Data presentation Metrics and Models - Answer-Metrics: Business oriented key performance indicators Models: Simplified representation of reality to solve problems Difference between B2C and B2B - Answer-look at study guide What is the strategy - Answer-an organization's long-term course of action designed to deliver a unique customer experience while achieving its goals Four general categories used to market segmentation - Answer-1. Demographic