Business Analytics Chapters 1-4 with
Answers- Latest Version
Data Set - Answer-A simple collection of data or a data file
Database - Answer-A collection of data files that contain information on people,
locations, and so on
Computer Clouds - Answer-Hardware and software used for data remote storage,
retrieval, and computational functions
Data Warehousing - Answer-A collection of databases used for reporting and data
analysis
Big Data - Answer-Describes the collection of data sets that are so large and complex
that software systems are hardly able to process them
Little Data - Answer-Describes the smaller data segments or files that help individual
business keep track of customers
Analytics - Answer-A process that involves the use of statistical techniques, information
system software, and operations research methodologies to explore, visualize, discover
and communicate patterns or trends in data
Business Analytics - Answer-A process beginning with business-related data collection
and consisting of sequential application of descriptive, predictive, and prescriptive major
analytic components, the outcome of which supports and demonstrates business
decision-making and organizational performance
Descriptive - Answer-Purpose: To identify possible trends in large data sets or
database. The purpose is to get a rough picture of what generally the data looks like
and what criteria might have potential for identifying trends or future business behavior
Predictive - Answer-Purpose: To build predictive models designed to identify and predict
future trends
Prescriptive - Answer-Purpose: To allocate resources optimally to take advantage of
predictive trends or future opportunities
Business Intelligence - Answer-Set of process and technologies that convert data into
meaningful and useful information for business purposes
Business Analytic Process - Answer-Involves the three major component steps applied
sequentially to a source of data
, Query Drilldown - Answer-The mining effort of questioning and finding answers to pull
up useful information in the BA analysis
Categorical Data - Answer-Data that is group by one or more characteristics.
Ordinal Data - Answer-Data that is ranked or ordered to show relational preference
Example- Ranking business firms on product quality
Interval Data - Answer-Data that is arranged along a scale where each value is equally
distant from others. It is ordinal data.
Example- A temperate gauge
Example- Survey using a likert scale
Ratio Data - Answer-Data expressed as a ratio on a continuous scale
Example- The ratio of firms with green manufacturing programs is twice that of firms
without such programs
Organization Decision Making Process - Answer-Developed by Elbing in 1970, focuses
on decision making to solve problems but could also be applied to finding opportunities
in data and deciding what is the best course of action to take advantage of them
Strategic Planning - Answer-Usually performed by senior-level management to provide
general guidance on broad, long-range goals, such as seeking organizational growth
Tactical Planning - Answer-Usually performed by middle-level managers to develop
implementation tactics for strategy planning. These are usually middle-range goals such
as acquiring additional firms to support the growth strategy
Operational Planning - Answer-Usually performed by lower-level managers to
implement short-range goals, such as hiring more personnel to handle short term
growth in demand
Competitive Advantage - Answer-The ability of one business to perform at a higher
level, staying ahead of present competitors in the same industry or market
Types of Competitive Advantages - Answer-1. Price Leadership
2. Sustainability
3. Operations Efficiency
4. Service Effectiveness
5. Innovation
6.Product Differentation
Answers- Latest Version
Data Set - Answer-A simple collection of data or a data file
Database - Answer-A collection of data files that contain information on people,
locations, and so on
Computer Clouds - Answer-Hardware and software used for data remote storage,
retrieval, and computational functions
Data Warehousing - Answer-A collection of databases used for reporting and data
analysis
Big Data - Answer-Describes the collection of data sets that are so large and complex
that software systems are hardly able to process them
Little Data - Answer-Describes the smaller data segments or files that help individual
business keep track of customers
Analytics - Answer-A process that involves the use of statistical techniques, information
system software, and operations research methodologies to explore, visualize, discover
and communicate patterns or trends in data
Business Analytics - Answer-A process beginning with business-related data collection
and consisting of sequential application of descriptive, predictive, and prescriptive major
analytic components, the outcome of which supports and demonstrates business
decision-making and organizational performance
Descriptive - Answer-Purpose: To identify possible trends in large data sets or
database. The purpose is to get a rough picture of what generally the data looks like
and what criteria might have potential for identifying trends or future business behavior
Predictive - Answer-Purpose: To build predictive models designed to identify and predict
future trends
Prescriptive - Answer-Purpose: To allocate resources optimally to take advantage of
predictive trends or future opportunities
Business Intelligence - Answer-Set of process and technologies that convert data into
meaningful and useful information for business purposes
Business Analytic Process - Answer-Involves the three major component steps applied
sequentially to a source of data
, Query Drilldown - Answer-The mining effort of questioning and finding answers to pull
up useful information in the BA analysis
Categorical Data - Answer-Data that is group by one or more characteristics.
Ordinal Data - Answer-Data that is ranked or ordered to show relational preference
Example- Ranking business firms on product quality
Interval Data - Answer-Data that is arranged along a scale where each value is equally
distant from others. It is ordinal data.
Example- A temperate gauge
Example- Survey using a likert scale
Ratio Data - Answer-Data expressed as a ratio on a continuous scale
Example- The ratio of firms with green manufacturing programs is twice that of firms
without such programs
Organization Decision Making Process - Answer-Developed by Elbing in 1970, focuses
on decision making to solve problems but could also be applied to finding opportunities
in data and deciding what is the best course of action to take advantage of them
Strategic Planning - Answer-Usually performed by senior-level management to provide
general guidance on broad, long-range goals, such as seeking organizational growth
Tactical Planning - Answer-Usually performed by middle-level managers to develop
implementation tactics for strategy planning. These are usually middle-range goals such
as acquiring additional firms to support the growth strategy
Operational Planning - Answer-Usually performed by lower-level managers to
implement short-range goals, such as hiring more personnel to handle short term
growth in demand
Competitive Advantage - Answer-The ability of one business to perform at a higher
level, staying ahead of present competitors in the same industry or market
Types of Competitive Advantages - Answer-1. Price Leadership
2. Sustainability
3. Operations Efficiency
4. Service Effectiveness
5. Innovation
6.Product Differentation
