Business Analytics Exam queries
and answers graded 100%
Business Analytics - ANS✅✅Using data analytics to make more effective business decisions. The
collection, analyzing, and application of data to generate business knowledge.
Impacts of analytics - ANS✅✅Benefits: reduced costs, better risk management, faster decisions,
better productivity, enhanced bottom line performance (profitability and customer satisfaction)
Challenges: Lack of understanding of how to use analytics, competing business priorities, insufficient
analytical skills, difficulty in getting good data and sharing information
Types of analytics - ANS✅✅Descriptive analytics: tries to give a general idea of what your data
looks like (helps to identify trends), usually done with descriptive statistics, also the use of data to
understand past and current business performance and make informed decisions
Predictive analytics: predicts the future by examining historical data, detecting patterns or
relationships in this data, and then extrapolating these relationships forward in time
Prescriptive analytics: identify the best alternatives to minimize or maximize some objective
Data for business analytics - ANS✅✅Structured data: predefined data models like dates, phone
numbers, credit card numbers, social security numbers, product names/numbers
Unstructured data: social media, weather channel
Data for business analytics includes: all data, information technology, statistical analysis, quantitative
methods, math/computer based modeling
Big data - ANS✅✅Structured + unstructured data
- massive amounts of business data from a wide variety of sources
- on the scale of millions to trillions of data points
Data reliability and validity - ANS✅✅reliability: data is accurate and consistent
validity: data correctly measures what its supposed to measure
Data reliability and validity examples - ANS✅✅1. a tire pressure gauge that consistently reads
several pounds of pressure below the true value is not reliable, although it is valid because it does
measure tire pressure.
and answers graded 100%
Business Analytics - ANS✅✅Using data analytics to make more effective business decisions. The
collection, analyzing, and application of data to generate business knowledge.
Impacts of analytics - ANS✅✅Benefits: reduced costs, better risk management, faster decisions,
better productivity, enhanced bottom line performance (profitability and customer satisfaction)
Challenges: Lack of understanding of how to use analytics, competing business priorities, insufficient
analytical skills, difficulty in getting good data and sharing information
Types of analytics - ANS✅✅Descriptive analytics: tries to give a general idea of what your data
looks like (helps to identify trends), usually done with descriptive statistics, also the use of data to
understand past and current business performance and make informed decisions
Predictive analytics: predicts the future by examining historical data, detecting patterns or
relationships in this data, and then extrapolating these relationships forward in time
Prescriptive analytics: identify the best alternatives to minimize or maximize some objective
Data for business analytics - ANS✅✅Structured data: predefined data models like dates, phone
numbers, credit card numbers, social security numbers, product names/numbers
Unstructured data: social media, weather channel
Data for business analytics includes: all data, information technology, statistical analysis, quantitative
methods, math/computer based modeling
Big data - ANS✅✅Structured + unstructured data
- massive amounts of business data from a wide variety of sources
- on the scale of millions to trillions of data points
Data reliability and validity - ANS✅✅reliability: data is accurate and consistent
validity: data correctly measures what its supposed to measure
Data reliability and validity examples - ANS✅✅1. a tire pressure gauge that consistently reads
several pounds of pressure below the true value is not reliable, although it is valid because it does
measure tire pressure.
