BUSINESS STATISTICS FOR CONTEMPORARY DECISION MAKING FINAL PAPER FULL QUESTIONS AND CORRECT ANSWERS ALREADY PASSED

BUSINESS STATISTICS FOR
CONTEMPORARY DECISION MAKING
FINAL PAPER FULL QUESTIONS AND
CORRECT ANSWERS ALREADY PASSED

●● What is the workflow of business analytics?
Answer: Collect customer data → Analyze purchasing patterns → Build
predictive models → Recommend marketing strategy.


●● What question does descriptive analytics answer?
Answer: "What happened?"


●● What is the purpose of descriptive analytics?
Answer: To summarize historical data.


●● Name two tools used in descriptive analytics.
Answer: SQL and Tableau.


●● What question does predictive analytics answer?
Answer: "What will happen?"


●● What methods are commonly used in predictive analytics?

, Answer: Linear regression and decision trees.


●● What question does prescriptive analytics answer?
Answer: "What should we do?"


●● What is a key focus of business analytics?
Answer: Decision making.


●● What is the main focus of data mining?
Answer: Finding patterns in large datasets.


●● What is a key difference between business analytics and data
mining?
Answer: Business analytics is decision-focused, while data mining is
pattern discovery.


●● Why does data quality matter?
Answer: Bad data leads to wrong insights, bad predictions, and poor
decisions.


●● What is structured data?
Answer: Data organized in rows and columns, such as relational
databases and spreadsheets.