Business Analytics
Chapters 1-2 with
100% correct answers
(latest update)
The core of business analytics consist of 3 disciplines - answer 1)
Business intelligence and information systems
2) Statistics
3) Modelling and optimization
Business Intelligence - answer The collection, management, analysis, and
reporting of data
*Has now evolved into the modern discipline known as "information
systems (IS)"
Statistical Methods - answer Goes beyond business intelligence reporting
by not only summarizing data succinctly, but also finding unknown and
interesting relationships among data
Statistical Methods include...... - answer *Basic tools of description
*Exploration
*Estimation
*Inference
*Regression, forecasting, and data mining
Operations Management (or Management Science) - answer Modern
business analytics which stems from the analysis and solution of complex
decision problems using mathematical or computer-based models
, Data Mining - answer Focused on better understanding characteristics
and patterns among variables in large databases using a variety of
statistical and analytical tools
Simulation and Risk Analysis - answer Relies on spreadsheet models and
statistical analysis to examine the impacts of uncertainty in estimates and
their potential interaction with one another on the output variable of
interest
Decision Support Systems (DSSs) - answer DSSs include 3 components
1) Data management: includes databases for storing data and allows the
user to input, retrieve, update, and manipulate data
2) § Model Management: consists of various statistical tools and
management science models and allows the user to easily build,
manipulate, analyze, and solve models
3) Communication System: provides the interface necessary for the user
to interact with the data and model management components
What-if Analysis - answer A key feature of DSS, and focuses on how
specific combinations of inputs that reflect key assumptions will affect
model outputs
*also used to assess the sensitivity of optimization models to changes in
data inputs and provide better insight for making good decisions
Visualization - answer provides a way fo easily communicating data at all
levels of business and can reveal surprising patterns and relationships
Tag Cloud - answer A type of visualization of text that shows words that
appear more frequently with larger font
· Business analytics begins with the collection, organization, and
manipulation of data and is supported by three major components -
answer 1) Descriptive Analytics
Chapters 1-2 with
100% correct answers
(latest update)
The core of business analytics consist of 3 disciplines - answer 1)
Business intelligence and information systems
2) Statistics
3) Modelling and optimization
Business Intelligence - answer The collection, management, analysis, and
reporting of data
*Has now evolved into the modern discipline known as "information
systems (IS)"
Statistical Methods - answer Goes beyond business intelligence reporting
by not only summarizing data succinctly, but also finding unknown and
interesting relationships among data
Statistical Methods include...... - answer *Basic tools of description
*Exploration
*Estimation
*Inference
*Regression, forecasting, and data mining
Operations Management (or Management Science) - answer Modern
business analytics which stems from the analysis and solution of complex
decision problems using mathematical or computer-based models
, Data Mining - answer Focused on better understanding characteristics
and patterns among variables in large databases using a variety of
statistical and analytical tools
Simulation and Risk Analysis - answer Relies on spreadsheet models and
statistical analysis to examine the impacts of uncertainty in estimates and
their potential interaction with one another on the output variable of
interest
Decision Support Systems (DSSs) - answer DSSs include 3 components
1) Data management: includes databases for storing data and allows the
user to input, retrieve, update, and manipulate data
2) § Model Management: consists of various statistical tools and
management science models and allows the user to easily build,
manipulate, analyze, and solve models
3) Communication System: provides the interface necessary for the user
to interact with the data and model management components
What-if Analysis - answer A key feature of DSS, and focuses on how
specific combinations of inputs that reflect key assumptions will affect
model outputs
*also used to assess the sensitivity of optimization models to changes in
data inputs and provide better insight for making good decisions
Visualization - answer provides a way fo easily communicating data at all
levels of business and can reveal surprising patterns and relationships
Tag Cloud - answer A type of visualization of text that shows words that
appear more frequently with larger font
· Business analytics begins with the collection, organization, and
manipulation of data and is supported by three major components -
answer 1) Descriptive Analytics
