Business Analytics Module 1
Test with 100% correct
answers (latest update)
analytics - answer a process that involves the use of statistical
techniques (measures of central tendency, graphs, and so on), information
system software (data mining, sorting routines), and operations research
methodologies (linear programming) to explore, visualize, discover and
communicate patterns or trends in the data.
BA Model - answer Descriptive
Predictive
Prescriptive
Descriptive - answer the application of simple statistical techniques that
describes what is contained in a data set or database. Used to FIND
OPPORTUNITIES
Predictive - answer an application of advanced statistical, information
software, or operations research methods to identify trends and
relationships not readily observed in a descriptive analysis. PREDICT
OPPORTUNITIES; can take advantage of
Prescriptive - answer an application of decision science, management
science, and operations research methodologies (applied math
techniques) to make best use of allocated resources. ALLOCATE
RESOURCES to take advantage of opportunity.
Categorical Data - answer data grouped by one or more characteristics.
Usually involves cardinal numbers counted or expressed as percentages.
Ordinal Data - answer data that is ranked or ordered to show relational
preference
, Interval Data - answer arranged along a scale where each value is equally
distant from others. (this is ordinal data)
Ratio Data - answer data expressed as a ratio on a continuous scale
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 the collection of data sets that are so large and
complex that software systems are hardly able to process them
little data - answer anything that is not big data
Business analytics - answer wheres analytics is focused on generating
insightful information from data sources, business analytics goes the
extra step to leverage analytics to create an improvement in measurable
business performance. BA is a process beginning with business-related
data collection and consisting of sequential application of descriptive,
predictive, and prescriptive major analytical components, the outcome of
which supports and demonstrates business decision-making and
organizational performance.
Business Intelligence (BI) - answer a set of processes and technologies
that convert data into meaningful and useful information for business
purposes.
Test with 100% correct
answers (latest update)
analytics - answer a process that involves the use of statistical
techniques (measures of central tendency, graphs, and so on), information
system software (data mining, sorting routines), and operations research
methodologies (linear programming) to explore, visualize, discover and
communicate patterns or trends in the data.
BA Model - answer Descriptive
Predictive
Prescriptive
Descriptive - answer the application of simple statistical techniques that
describes what is contained in a data set or database. Used to FIND
OPPORTUNITIES
Predictive - answer an application of advanced statistical, information
software, or operations research methods to identify trends and
relationships not readily observed in a descriptive analysis. PREDICT
OPPORTUNITIES; can take advantage of
Prescriptive - answer an application of decision science, management
science, and operations research methodologies (applied math
techniques) to make best use of allocated resources. ALLOCATE
RESOURCES to take advantage of opportunity.
Categorical Data - answer data grouped by one or more characteristics.
Usually involves cardinal numbers counted or expressed as percentages.
Ordinal Data - answer data that is ranked or ordered to show relational
preference
, Interval Data - answer arranged along a scale where each value is equally
distant from others. (this is ordinal data)
Ratio Data - answer data expressed as a ratio on a continuous scale
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 the collection of data sets that are so large and
complex that software systems are hardly able to process them
little data - answer anything that is not big data
Business analytics - answer wheres analytics is focused on generating
insightful information from data sources, business analytics goes the
extra step to leverage analytics to create an improvement in measurable
business performance. BA is a process beginning with business-related
data collection and consisting of sequential application of descriptive,
predictive, and prescriptive major analytical components, the outcome of
which supports and demonstrates business decision-making and
organizational performance.
Business Intelligence (BI) - answer a set of processes and technologies
that convert data into meaningful and useful information for business
purposes.
