Chapter 1 Business Analytics Complete Solutions

Chapter 1 Business Analytics Complete Solutions business analytics ️use of data, information technology, statistical analysis, quantitative method, and mathematical or computer based operations and make better, fact based decisions business intelligence ️collection, management, analysis, and reporting of data information systems ️modern discipline evolved from business intelligence statistics ️science of uncertainty and the technology of extracting information from data; an important element of business, driven to a large extent by the massive growth operations research/management science ️analysis and solution of complex decision problems using mathematical or computer-based models modeling and optimization ️techniques for translating real problems into mathematics, spreadsheets, or other computer languages, and using them to find the best "optimal" solutions and decisions decision support systems ️combo of business intelligence concepts and or/ms models to create analytical-based computer systems to support decision making data mining ️focused on understanding characteristics and patterns among variables in large databases using a variety of statistical and analytical tools simulation and risk analysis ️methodology that relies on spreadsheet models and statistical analysis to examine the impact of uncertainty in the estimates and their potential interaction with one another on the output variable of interest what if analysis ️analysis shows how specific combinations of inputs that reflect key assumptions will affect model outputs visualization ️most useful component of business analytics that is truly unique tag cloud ️visualization of text that shows words that appears more frequently using larger fonts descriptive analytics ️use of data to understand past and current business performance and make informed decisions; the most commonly used and most well understood type of analytics predictive analytics ️component of business analytics that seeks to predict the future by examining historical data, detecting patterns or relationships in theses data, and then extrapolating these relationships forward in time prescriptive analytics ️component of business analytics that uses optimization to identify the best alternatives to minimize or maximize some objective data set ️collection of data database ️collection of related files containing records on people, places, or things big data ️massive amounts of business data from a wide variety of sources, much of which is available in real time and much of which is uncertain or unpredictable metric ️unit of measurement that provides a way to objectively quantify performance measurement ️act of obtaining data associated with a metric measures ️numerical values associated with a metric discrete metric ️metric derived from counting something continuous metric ️based on a continuous scale of measurement