Analytics correct answers is the use of data, information technology, statistical analysis,
quantitative methods, and mathematical or computer-based models
to help managers gain improved insight about their business operations and make better, fact-
based decisions.
Descriptive analytics correct answers -help companies classify their customers into segments to
develop specific marketing campaigns
-uses data to understand past and present
-ex. Metrics and measures
Predictive analytics correct answers -analyzes past performance in an effort to predict the future
-ex. forecasting, simulation
Prescriptive analytics correct answers -uses optimization techniques to identify the best
alternative to maximize or minimize some objective
-ex. operations research or management science
Discrete metrics correct answers -involve counting
-ex. number or proportion of on time deliveries, incorrect or incomplete orders, # of errors in an
invoice
Continuous metrics correct answers -measured on a continuum
-ex. delivery time, package weight, purchase price
Categorical (Nominal) Data correct answers -data placed in categories according to a specified
characteristic
-categories bear no quantitative relationship to one another
Examples
-customer's location (America, Europe, Asia)
-employee classification (manager, supervisor, associate)
Ordinal Data correct answers -data that is ranked or ordered according to some relationship with
one another
-no fixed units of measurement
Examples:
-college football rankings
-survey responses
>poor, average, good, very good, excellent
Interval Data correct answers -ordinal data but with constant differences between observations
-no true zero point
-ratios are not meaningful
Examples:
-temperature readings