Business Analytics:
FINAL EXAM REVIEW
with 100% correct
answers (latest
update)
business analytics is - answer 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
benefits of business analytics - answer reduced costs, better risk
management, faster decisions, better productivity and enhanced bottom-
line performance such as profitability and customer satisfaction
challenges of business analytics - answer lack of understanding of how to
use analytics, competing business priorities, insufficient analytical skills,
difficulty in getting good data and sharing information, and not
understanding the benefits versus perceived costs of analytics studies
descriptive analytics - answer the use of data to understand past and
current business performance and make informed decisions
predictive analytics - answer predict the future by examining the
historical data, detecting patterns or relationships in these data, and then
extrapolating these relationships forward in time
, prescriptive analytics - answer identify the best alternatives to minimize
or maximize some objective
data - answer numerical or textual facts and figures that are collected
through some type of measurement process
information - answer result of analyzing data; that is, extracting meaning
from data to support evaluation and decision making
data sets - answer a collection of data.
Examples: marketing survey responses, a table of historical stock prices,
and a collection of measurements of dimensions of a manufactured item
database - answer a collection of related files containing records on
people, places, or things.
a database file is usually organized in a two-dimensional table, where the
columns correspond to each individual element of data (called fields, or
attributes), and the rows represent records of related data elements
metric - answer a unit of measurement that provides a way to objectively
quantify performance
measurement - answer the act of obtaining data associated with a metric
measures - answer numerical values associated with a metric
discrete metric - answer one that is derived from counting something.
For example, a delivery is either on time or not; an order is complete or
incomplete. Some _______________ ______________ would be the proportion of
on-time deliveries; the # of incomplete orders each day, and the # of
errors per invoice
continuous metric - answer based on a continuous scale of measurement.
FINAL EXAM REVIEW
with 100% correct
answers (latest
update)
business analytics is - answer 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
benefits of business analytics - answer reduced costs, better risk
management, faster decisions, better productivity and enhanced bottom-
line performance such as profitability and customer satisfaction
challenges of business analytics - answer lack of understanding of how to
use analytics, competing business priorities, insufficient analytical skills,
difficulty in getting good data and sharing information, and not
understanding the benefits versus perceived costs of analytics studies
descriptive analytics - answer the use of data to understand past and
current business performance and make informed decisions
predictive analytics - answer predict the future by examining the
historical data, detecting patterns or relationships in these data, and then
extrapolating these relationships forward in time
, prescriptive analytics - answer identify the best alternatives to minimize
or maximize some objective
data - answer numerical or textual facts and figures that are collected
through some type of measurement process
information - answer result of analyzing data; that is, extracting meaning
from data to support evaluation and decision making
data sets - answer a collection of data.
Examples: marketing survey responses, a table of historical stock prices,
and a collection of measurements of dimensions of a manufactured item
database - answer a collection of related files containing records on
people, places, or things.
a database file is usually organized in a two-dimensional table, where the
columns correspond to each individual element of data (called fields, or
attributes), and the rows represent records of related data elements
metric - answer a unit of measurement that provides a way to objectively
quantify performance
measurement - answer the act of obtaining data associated with a metric
measures - answer numerical values associated with a metric
discrete metric - answer one that is derived from counting something.
For example, a delivery is either on time or not; an order is complete or
incomplete. Some _______________ ______________ would be the proportion of
on-time deliveries; the # of incomplete orders each day, and the # of
errors per invoice
continuous metric - answer based on a continuous scale of measurement.
