QMB Exam 1
What ways have Data and analytics capabilities have made a leap forward? - Answer--Growing
availability of vast amounts of data
-Improve Computational power
-Teaching business analytics at college
-Development algorithms
In what ways have business analytics changed business decision-making? - Answer--Turn data into
insights and action
-Companies need data-savy professionals
In what ways have business analytics involve by exacting information and knowledge from data -
Answer--Improve the bottom line
-Enhance customer experience
-Develop better marketing strategies
-Deepen customer engagement
-enhance efficiently and reduce expense
-Emerging markets
-Mitigate risks and fraud
,Business Analytics (BA) - Answer-is a broad topic, encompassing statistics, computer science, and
information systems with a wide variety of applications in marketing, human resource management,
economic, finance, health, sports, politics
How does business analytics combine qualitative reasoning with the quantitive tool? - Answer--Identify
key business problems
-Translate data analysis into decisions
-Improve business performance
What are the three analytics techniques to exact data - Answer--Descriptive analytics
-Predictive analytics
-Prescriptive analytics
Descriptive analytics - Answer-Refers to gathering, organizing, tabulating, and visualizing data to
summarize "what has happened?"
Examples: Reports, tables, graphs
Predictive analytics - Answer-Refers to using historical data to predict "what could happen in the future"
-Use historical data to make predictions
-Analytical modules help identify associations
-Associations use to estimate the likelihood of a favorable outcome
-Commonly considered advanced predictions
-Build models that help organizations understand what might happen in the future
-Use statistics and data mining
Example: Identifying customers who are most likely to respond to marketing campaigns
, Prescriptive analytics - Answer-Refers to using optimizations and simulations algorithms to provide
advice on "what should we do"
-Explore possible actions
-Suggest a course in action
-Consider advanced predictions
-Build models that help organizations understand what might happen in the future
-Use statistics and data mining
Example: Scheduling employees work hours
Business Intelligence (BI) - Answer-a broad category of applications, technologies, and processes for
gathering, storing, accessing, and analyzing data to help business users make better decisions
Data - Answer-Facts, figures, or other contents, both numerical and nonnumerical
Infomration - Answer-Is a set of data that are organized and processed on a meaningful and purposed
way
knowledge - Answer-Is devised from a blend of data, contextual information, experience and intuition
Population - Answer-Consists all of observations or items of interest in a analysis
Sample - Answer-a subset of the population
We rely on sampling because we are unable to use population data for two main reasons - Answer-1.
Expensive
2. Impossible to examine everyone
What ways have Data and analytics capabilities have made a leap forward? - Answer--Growing
availability of vast amounts of data
-Improve Computational power
-Teaching business analytics at college
-Development algorithms
In what ways have business analytics changed business decision-making? - Answer--Turn data into
insights and action
-Companies need data-savy professionals
In what ways have business analytics involve by exacting information and knowledge from data -
Answer--Improve the bottom line
-Enhance customer experience
-Develop better marketing strategies
-Deepen customer engagement
-enhance efficiently and reduce expense
-Emerging markets
-Mitigate risks and fraud
,Business Analytics (BA) - Answer-is a broad topic, encompassing statistics, computer science, and
information systems with a wide variety of applications in marketing, human resource management,
economic, finance, health, sports, politics
How does business analytics combine qualitative reasoning with the quantitive tool? - Answer--Identify
key business problems
-Translate data analysis into decisions
-Improve business performance
What are the three analytics techniques to exact data - Answer--Descriptive analytics
-Predictive analytics
-Prescriptive analytics
Descriptive analytics - Answer-Refers to gathering, organizing, tabulating, and visualizing data to
summarize "what has happened?"
Examples: Reports, tables, graphs
Predictive analytics - Answer-Refers to using historical data to predict "what could happen in the future"
-Use historical data to make predictions
-Analytical modules help identify associations
-Associations use to estimate the likelihood of a favorable outcome
-Commonly considered advanced predictions
-Build models that help organizations understand what might happen in the future
-Use statistics and data mining
Example: Identifying customers who are most likely to respond to marketing campaigns
, Prescriptive analytics - Answer-Refers to using optimizations and simulations algorithms to provide
advice on "what should we do"
-Explore possible actions
-Suggest a course in action
-Consider advanced predictions
-Build models that help organizations understand what might happen in the future
-Use statistics and data mining
Example: Scheduling employees work hours
Business Intelligence (BI) - Answer-a broad category of applications, technologies, and processes for
gathering, storing, accessing, and analyzing data to help business users make better decisions
Data - Answer-Facts, figures, or other contents, both numerical and nonnumerical
Infomration - Answer-Is a set of data that are organized and processed on a meaningful and purposed
way
knowledge - Answer-Is devised from a blend of data, contextual information, experience and intuition
Population - Answer-Consists all of observations or items of interest in a analysis
Sample - Answer-a subset of the population
We rely on sampling because we are unable to use population data for two main reasons - Answer-1.
Expensive
2. Impossible to examine everyone
