MIS EXAM 3 BUSINESS INTELLIGENCE
AND DATA MINING Q&A
List the three value disciplines and list examples firms that focus on each value
discipline and discuss why - Answer-The focus is to retain customers
-Operational excellence: lead industry in price and convenience (amazon, walmart,
zara)
-Product leadership: produce a continuous stream of state of the art products and
services. Must be creative, commercialize ideas quickly, and pursue new solutions
-Customer intimacy: tailor and shape products and services to fit an increasingly fine
definition of the customer, spend now to build customer loyalty in the long run.
(caesar entertainment)
How does Caesar Entertainment collect dat and use data to understand its
customers - Answer-Caesars, encourages customers to get memberships cards in
order to build customer produces and create effective offers to encourage gambling
and staying in the hotel
-Caesars uses data towards loyalty programs to reward customer who spend more
time and money there
What are potential data sources for an organization? - Answer--transaction
processing systems (membership cards)
-Surveys
-Interprise software (CRM, SCM, ERP) stores data
-External sources- Partners, Data aggregators
How do online systems track customer behavior? - Answer-Transaction processing
systems- track transactions which lead to insight which leads to increased sales,
creates customer profiles, sees which products do best in certain areas of store/
which products are bought together
-online systems, automatically track data, run A/B tests
What is data mining? What is the key difference between reporting tools and data
mining tools? - Answer--automated search in large database for non obvious
patterns and relationships to anticipate events or predict outcomes
-Reporting tools: report data and gives raw numbers
-Data mining tools: gives patterns and contact to raw numbers
Key areas where business are leveraging data mining - Answer--Marketing and
promotion targeting, which customers will respond to an offer
-Market basket analysis which proceeds bought together
-Collaborative filtering, make recommendations for similar customers
What are he four major data techniques? If you are given an example, be able to
know which type of data mining techniques it belongs to - Answer--Association
detection: one event is correlated with another to determine behavior
-Clustering: similar records/ characteristics are grouped together.
AND DATA MINING Q&A
List the three value disciplines and list examples firms that focus on each value
discipline and discuss why - Answer-The focus is to retain customers
-Operational excellence: lead industry in price and convenience (amazon, walmart,
zara)
-Product leadership: produce a continuous stream of state of the art products and
services. Must be creative, commercialize ideas quickly, and pursue new solutions
-Customer intimacy: tailor and shape products and services to fit an increasingly fine
definition of the customer, spend now to build customer loyalty in the long run.
(caesar entertainment)
How does Caesar Entertainment collect dat and use data to understand its
customers - Answer-Caesars, encourages customers to get memberships cards in
order to build customer produces and create effective offers to encourage gambling
and staying in the hotel
-Caesars uses data towards loyalty programs to reward customer who spend more
time and money there
What are potential data sources for an organization? - Answer--transaction
processing systems (membership cards)
-Surveys
-Interprise software (CRM, SCM, ERP) stores data
-External sources- Partners, Data aggregators
How do online systems track customer behavior? - Answer-Transaction processing
systems- track transactions which lead to insight which leads to increased sales,
creates customer profiles, sees which products do best in certain areas of store/
which products are bought together
-online systems, automatically track data, run A/B tests
What is data mining? What is the key difference between reporting tools and data
mining tools? - Answer--automated search in large database for non obvious
patterns and relationships to anticipate events or predict outcomes
-Reporting tools: report data and gives raw numbers
-Data mining tools: gives patterns and contact to raw numbers
Key areas where business are leveraging data mining - Answer--Marketing and
promotion targeting, which customers will respond to an offer
-Market basket analysis which proceeds bought together
-Collaborative filtering, make recommendations for similar customers
What are he four major data techniques? If you are given an example, be able to
know which type of data mining techniques it belongs to - Answer--Association
detection: one event is correlated with another to determine behavior
-Clustering: similar records/ characteristics are grouped together.
