Business Analytics exam questions
and answers graded A+
What is business analytics? - ANS✅✅insight at the point of impact; it makes extensive use of data,
statistically and quantitative analysis, explanatory and predictive modelling, and fact-based
management to drive decision making
What questions gain insights? - ANS✅✅Q1: How are we doing?
A1: Scorecards and dashboards
Q2:Why?
A2:Reporting and Analytics
What questions gain foresight? - ANS✅✅Q3:What should we be doing?
A3:Planning, Forcasting, Predictive Analytics
What does alignment require? - ANS✅✅Data, business process integration between all units
What are the 3 D's of data analytics? - ANS✅✅Data Driven Decisions and actions
What are the drivers of Business Analytics? - ANS✅✅1. dramatic increase in the amount of data to
analyze
2. Affordable and user-friendly technology
3. Growing demand in business for self-serve BA
4. The need to understand what drives business performance and how to optimize these drives
5. Increased competitive global market place
What is the strategic role of BA? - ANS✅✅-support all levels of the ors's plans: strategic, tactical,
operational
- provide insights to formulate corporate strategies and drive business actions
- employed as a critical tool to monitor, optimize corporate performance
, What is the analytical competitor? - ANS✅✅organizations competing on analytics systematically to
outthink, outexecute, and outperform competition
What are the 3 types of business analytics? - ANS✅✅Descriptive, Predictive, Prescriptive
Descriptive marketing analytics - ANS✅✅Qs: What happened, what is happening now? (real-time)
BA: summary statistics, data visualization, dashboard
Predictive marketing analytics - ANS✅✅Qs: What could happen in the future, what trends?
(future)
BA: Forcasting, regression, predictive model, data mining
Prescriptive marketing analytics - ANS✅✅Qs: What is the best action, what should we perscribe?
(action)
BA: random testing, optimization modeling, simulaton
What are the 3 levels of BA? - ANS✅✅Past, Present and Future
What factors determine the past level of BA? - ANS✅✅New Insight: How and why did it happen?
(model)
Known Information: What happened? (report)
What factors determine the present level of BA? - ANS✅✅New Insight: What's the best action?
(reccomended)
Known Information: What is happening now? (report)
What factors determine the future level of BA? - ANS✅✅New Insight: Whats the best and worst
that can happen? (predict, optimize, simulate)
Known Information: What will happen? (extrapolate)
BI vs BA - ANS✅✅BI: measure, monitor against goals (it centric)
BA: investigate, explore, discover (business centric)
and answers graded A+
What is business analytics? - ANS✅✅insight at the point of impact; it makes extensive use of data,
statistically and quantitative analysis, explanatory and predictive modelling, and fact-based
management to drive decision making
What questions gain insights? - ANS✅✅Q1: How are we doing?
A1: Scorecards and dashboards
Q2:Why?
A2:Reporting and Analytics
What questions gain foresight? - ANS✅✅Q3:What should we be doing?
A3:Planning, Forcasting, Predictive Analytics
What does alignment require? - ANS✅✅Data, business process integration between all units
What are the 3 D's of data analytics? - ANS✅✅Data Driven Decisions and actions
What are the drivers of Business Analytics? - ANS✅✅1. dramatic increase in the amount of data to
analyze
2. Affordable and user-friendly technology
3. Growing demand in business for self-serve BA
4. The need to understand what drives business performance and how to optimize these drives
5. Increased competitive global market place
What is the strategic role of BA? - ANS✅✅-support all levels of the ors's plans: strategic, tactical,
operational
- provide insights to formulate corporate strategies and drive business actions
- employed as a critical tool to monitor, optimize corporate performance
, What is the analytical competitor? - ANS✅✅organizations competing on analytics systematically to
outthink, outexecute, and outperform competition
What are the 3 types of business analytics? - ANS✅✅Descriptive, Predictive, Prescriptive
Descriptive marketing analytics - ANS✅✅Qs: What happened, what is happening now? (real-time)
BA: summary statistics, data visualization, dashboard
Predictive marketing analytics - ANS✅✅Qs: What could happen in the future, what trends?
(future)
BA: Forcasting, regression, predictive model, data mining
Prescriptive marketing analytics - ANS✅✅Qs: What is the best action, what should we perscribe?
(action)
BA: random testing, optimization modeling, simulaton
What are the 3 levels of BA? - ANS✅✅Past, Present and Future
What factors determine the past level of BA? - ANS✅✅New Insight: How and why did it happen?
(model)
Known Information: What happened? (report)
What factors determine the present level of BA? - ANS✅✅New Insight: What's the best action?
(reccomended)
Known Information: What is happening now? (report)
What factors determine the future level of BA? - ANS✅✅New Insight: Whats the best and worst
that can happen? (predict, optimize, simulate)
Known Information: What will happen? (extrapolate)
BI vs BA - ANS✅✅BI: measure, monitor against goals (it centric)
BA: investigate, explore, discover (business centric)
