Business Analytics Exam questions
and answers graded A+
Data Science History - ANS✅✅Management Science / Operations Research (1940)
Decision Support Systems (1970)
Business Intelligence, Data Warehousing (1990s)
Analytics (2010)
Artificial Intelligence (2020)
The Analytics Application "Stack" - ANS✅✅SQL
Reports
Decision Support Systems
Data Visualization
Machine Learning
Data science - ANS✅✅an interdisciplinary field of scientific methods, processes, algorithms, and
systems to extract knowledge or insights from data in various forms, either structured or
unstructured
Transactional Systems - ANS✅✅Electronically record business transactions
Ex: order entry, inventory control, invoicing, and payroll
Provide limited support for decision making - summaries of the transactions that have taken place
Analytics - ANS✅✅Provides support for decision making and improving organizational
performance
Ex: dashboards, customers segmentation analysis, and supply chain optimization
Building Models and Systems are Different - ANS✅✅Models are just that - models
Models need to be integrated into applications and systems
Systems need data pipelines, data cleansing and transformation, models, coding, implementation,
monitoring and updating
, What is Meant by Analytics? - ANS✅✅Data science involves the use of analytics
The analytics term is used differently and can refer to different things
1: A new term for BI (DSS → BI → Analytics)
2: Just the data analysis part of BI
3: "Rocket science" algorithms (e.g., machine learning)
Descriptive Analytics - ANS✅✅What has occurred?
Ex: reporting / OLAP, dashboards / scorecards, data visualization
Car's rear view mirror
Predictive Analytics - ANS✅✅What will occur?
Ex: regression analysis, machine learning, neural networks
Car's windshield
Discovery / Exploratory Analytics - ANS✅✅Predictive analytics with big data
Refer to finding relationships in big data that were not previously known
Ability analyze new data sources (i.e., big data) creates additional opportunities for insights and is
especially important for firms with massive amounts of customer data
Prescriptive Analytics - ANS✅✅What should occur?
Identify optimal solutions, often for the allocation of scarce resources
Car's GPS instructions
Business users - ANS✅✅Accesses to analytics related information to perform their jobs (reports,
OLAP, dashboards / scorecards, and data visualization)
Business analyst - ANS✅✅Uses analytic applications to understand business conditions and
improve business processes, may be in a centralized group or a business unit
Data scientist - ANS✅✅Uses interactive exploration tools and advanced algorithms and to uncover
patterns and insights in data
and answers graded A+
Data Science History - ANS✅✅Management Science / Operations Research (1940)
Decision Support Systems (1970)
Business Intelligence, Data Warehousing (1990s)
Analytics (2010)
Artificial Intelligence (2020)
The Analytics Application "Stack" - ANS✅✅SQL
Reports
Decision Support Systems
Data Visualization
Machine Learning
Data science - ANS✅✅an interdisciplinary field of scientific methods, processes, algorithms, and
systems to extract knowledge or insights from data in various forms, either structured or
unstructured
Transactional Systems - ANS✅✅Electronically record business transactions
Ex: order entry, inventory control, invoicing, and payroll
Provide limited support for decision making - summaries of the transactions that have taken place
Analytics - ANS✅✅Provides support for decision making and improving organizational
performance
Ex: dashboards, customers segmentation analysis, and supply chain optimization
Building Models and Systems are Different - ANS✅✅Models are just that - models
Models need to be integrated into applications and systems
Systems need data pipelines, data cleansing and transformation, models, coding, implementation,
monitoring and updating
, What is Meant by Analytics? - ANS✅✅Data science involves the use of analytics
The analytics term is used differently and can refer to different things
1: A new term for BI (DSS → BI → Analytics)
2: Just the data analysis part of BI
3: "Rocket science" algorithms (e.g., machine learning)
Descriptive Analytics - ANS✅✅What has occurred?
Ex: reporting / OLAP, dashboards / scorecards, data visualization
Car's rear view mirror
Predictive Analytics - ANS✅✅What will occur?
Ex: regression analysis, machine learning, neural networks
Car's windshield
Discovery / Exploratory Analytics - ANS✅✅Predictive analytics with big data
Refer to finding relationships in big data that were not previously known
Ability analyze new data sources (i.e., big data) creates additional opportunities for insights and is
especially important for firms with massive amounts of customer data
Prescriptive Analytics - ANS✅✅What should occur?
Identify optimal solutions, often for the allocation of scarce resources
Car's GPS instructions
Business users - ANS✅✅Accesses to analytics related information to perform their jobs (reports,
OLAP, dashboards / scorecards, and data visualization)
Business analyst - ANS✅✅Uses analytic applications to understand business conditions and
improve business processes, may be in a centralized group or a business unit
Data scientist - ANS✅✅Uses interactive exploration tools and advanced algorithms and to uncover
patterns and insights in data
