Overview of Business Analytics Latest Exam- with Complete Solutions

What is the most important consideration in business analytics? - Answer-Understanding the PROBLEMS and OPPORTUNITIES that the analytical tool will help with and consider the connections. Business Intelligence - Answer--Paved the way for the business analytics. -Caused people to realize that data is valuable for decision making -------------------------------------------------------------------------------- Extracts data and packages it got use in business. Uses: reporting, analytical processing, data warehouse extracting. Business Analytics - Answer-Allows for each decision maker to make the right decision every time. Provides deeper insight. Extensive use of .....1.) DATA 2.) STATISTICS 3.)MODELS Descriptive Analytics - Answer-(BI) +(BA) Predictive Analytics (class emphasis) - Answer-(BA) Prescriptive Analytics - Answer-Allows for prediction and optimization 3 Comparative Views - Answer-1. BA is an integral part of BI: Thomas Davenport (leader in analytics) 2. BI and BA are synonymous 3. BI and BA have key differences -What happened? BI -Why did it happen? BA -What will happen? BA Advanced BA (for this course) - Answer-all encompassing term....BI has more query and reporting flavor.....BI = Management Information Advanced BA includes: BI, BA, OLAP, query/ reporting, dashboards, data warehousing, data mining, prediction, and optimization. CHART on PAGE 8 - Answer- 3 Consequences/Solutions of the Data Deluge - Answer-1. EVERY PROBLEM with generate data eventually. -proactively define a data collection protocol for more useful information 2. EVERY COMPANY will need analytics eventually. -proactively analytical companies will better compete 3. EVERYONE will need analytics eventually. -proactively analytical people will me more marketable and more successful. (NOT SURE IF TRUE) Cleaning Data - Answer-80% data prep, 20% statistics good tools: IT, data warehousing, data management, statistical components.