Business analytics Exam queries
and answers graded A+
Analytics - ANS✅✅process of discovering, interpreting, communicating, and utilizing significant
patters in data ti improve business performance and competitiveness.
3 types of analytics - ANS✅✅descriptive, predictive, prescriptive
Descriptive Analytics - ANS✅✅looks backwards, historical - actual, generally factual.
EX: sales and invoices, financial reports, production and operations reports
Predictive Analytics - ANS✅✅future probabilities and estimates, based on past historical or current
data relationships, premise is no fundamental changes.
EX: forecasts
Prescriptive Analytics - ANS✅✅new oath forward for operating, doing something different with a
purpose, how should it be done, test the model.
EX: optimization, simulation, artificial intelligence
decision making framework - ANS✅✅strategic, tactical, and operational
strategic - ANS✅✅directly support the vision, some level of aspirational, company long term
viability dependent, and can be difficult to measure with longer internals.
tactical - ANS✅✅longer timeframe or horizon, measurement spans multiple periods, may have
higher investment required, and systems focused
operational - ANS✅✅short time frame of horizon, quickly measurable, closest to customer, easier
to stop or reverse, minimal investment, many together can have a great impact.
decision making process - ANS✅✅call to action, pathfinding, analysis, review-action
and answers graded A+
Analytics - ANS✅✅process of discovering, interpreting, communicating, and utilizing significant
patters in data ti improve business performance and competitiveness.
3 types of analytics - ANS✅✅descriptive, predictive, prescriptive
Descriptive Analytics - ANS✅✅looks backwards, historical - actual, generally factual.
EX: sales and invoices, financial reports, production and operations reports
Predictive Analytics - ANS✅✅future probabilities and estimates, based on past historical or current
data relationships, premise is no fundamental changes.
EX: forecasts
Prescriptive Analytics - ANS✅✅new oath forward for operating, doing something different with a
purpose, how should it be done, test the model.
EX: optimization, simulation, artificial intelligence
decision making framework - ANS✅✅strategic, tactical, and operational
strategic - ANS✅✅directly support the vision, some level of aspirational, company long term
viability dependent, and can be difficult to measure with longer internals.
tactical - ANS✅✅longer timeframe or horizon, measurement spans multiple periods, may have
higher investment required, and systems focused
operational - ANS✅✅short time frame of horizon, quickly measurable, closest to customer, easier
to stop or reverse, minimal investment, many together can have a great impact.
decision making process - ANS✅✅call to action, pathfinding, analysis, review-action
