EBTM 350 MIDTERM VERIFIED STUDY GUIDE
Analytics - 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 - 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 - Answers - -analyzes past performance in an effort to predict the
future
-ex. forecasting, simulation
Prescriptive analytics - Answers - -uses optimization techniques to identify the best
alternative to maximize or minimize some objective
-ex. operations research or management science
Discrete metrics - Answers - -involve counting
-ex. number or proportion of on time deliveries, incorrect or incomplete orders, # of
errors in an invoice
Continuous metrics - Answers - -measured on a continuum
-ex. delivery time, package weight, purchase price
Categorical (Nominal) Data - 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 - 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 - Answers - -ordinal data but with constant differences between
observations
Analytics - 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 - 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 - Answers - -analyzes past performance in an effort to predict the
future
-ex. forecasting, simulation
Prescriptive analytics - Answers - -uses optimization techniques to identify the best
alternative to maximize or minimize some objective
-ex. operations research or management science
Discrete metrics - Answers - -involve counting
-ex. number or proportion of on time deliveries, incorrect or incomplete orders, # of
errors in an invoice
Continuous metrics - Answers - -measured on a continuum
-ex. delivery time, package weight, purchase price
Categorical (Nominal) Data - 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 - 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 - Answers - -ordinal data but with constant differences between
observations
