BUS 380 DATA ANALYTICS EXAM 1 PREP
QUESTIONS WITH VERIFIED SOLUTIONS
ROCI - ANS-Return on Capital Invested
ROCI=Net Profit from Operations/Capital Invested
Business Analytics (BA) - ANS-Combines qualitative reasoning with quantitative tools to identify key
business problems and translate data analysis into decisions that improve business performance
The explosion in the field is partly due to: the growing availability of vast amounts of data, improved
computational power, and the development of sophisticated algorithms.
Business analytics benefits companies by developing better marketing strategies, deepening customer
engagement, enhancing efficiency in procurement, uncovering ways to reduce expenses, identifying
emerging market trends, mitigating risk, and protecting against fraud.
Management - ANS-The process by which an organization achieves its goals through the use of
resources (people, money, materials, and information).
These resources are considered inputs.
The organization achieving its goal (i.ie., doing whatever it does) is the output.
Input, Process, Output
Managers oversee this process and attempt to optimize it.
Informational Roles
- Monitor/Analyzer
- Disseminator
-Spokesperson
Interpersonal Roles
- Liaison
- Figurehead
- Leader
Decisional Roles
- Entrepreneur
- Disturbance Handler
- Resource Allocator
- Negotiator
, Productivity - ANS-The rate at which goods (or services) are produced based on the ratio of output to
inputs.
Productivity=Outputs/Inputs
Provides and indication of how successful the manager is at their job.
The Decision Making Process (Stages, Steps, Buddy Steps, etc.) - ANS-Decision: A choice among 2 or
more alternatives that individuals (or groups) make.
- Systemic process
Created by Professor Herbert A. Simon
Intelligence Phase (Problem), Design Phase (Options), Buddy Step: Validation (Reality Check), Choice
Phase (Implement), Buddy Step: Verification and Pilot testing (Intended Results)
Models - ANS-Model: A purposefully simplified representation of the problem
- Shows the relationship among relevant variables, while leaving out trivial details
Nuts-and-Bolts View of the Business Analytical Process - ANS-Start
- Business problem
- Organizational pain points
- An unrealized opportunity
Data Management
- External data
- Internal Data
- Big data
- Data cleaning, extraction, transformation, and loading into a data warehouse or data lake
Analytical Tools and Techniques
- Statistical Models
- Machine Learning
Analytical Models
- Descriptive analytics
- Predictive analytics
- Prescriptive analytics
Presentation Tools
- Presentations
- Reports
- Dashboards
Actionable Business Decision or Recommendation
Abstract (Theoretical overview) of the Business Analytical Process - ANS-Motivation
QUESTIONS WITH VERIFIED SOLUTIONS
ROCI - ANS-Return on Capital Invested
ROCI=Net Profit from Operations/Capital Invested
Business Analytics (BA) - ANS-Combines qualitative reasoning with quantitative tools to identify key
business problems and translate data analysis into decisions that improve business performance
The explosion in the field is partly due to: the growing availability of vast amounts of data, improved
computational power, and the development of sophisticated algorithms.
Business analytics benefits companies by developing better marketing strategies, deepening customer
engagement, enhancing efficiency in procurement, uncovering ways to reduce expenses, identifying
emerging market trends, mitigating risk, and protecting against fraud.
Management - ANS-The process by which an organization achieves its goals through the use of
resources (people, money, materials, and information).
These resources are considered inputs.
The organization achieving its goal (i.ie., doing whatever it does) is the output.
Input, Process, Output
Managers oversee this process and attempt to optimize it.
Informational Roles
- Monitor/Analyzer
- Disseminator
-Spokesperson
Interpersonal Roles
- Liaison
- Figurehead
- Leader
Decisional Roles
- Entrepreneur
- Disturbance Handler
- Resource Allocator
- Negotiator
, Productivity - ANS-The rate at which goods (or services) are produced based on the ratio of output to
inputs.
Productivity=Outputs/Inputs
Provides and indication of how successful the manager is at their job.
The Decision Making Process (Stages, Steps, Buddy Steps, etc.) - ANS-Decision: A choice among 2 or
more alternatives that individuals (or groups) make.
- Systemic process
Created by Professor Herbert A. Simon
Intelligence Phase (Problem), Design Phase (Options), Buddy Step: Validation (Reality Check), Choice
Phase (Implement), Buddy Step: Verification and Pilot testing (Intended Results)
Models - ANS-Model: A purposefully simplified representation of the problem
- Shows the relationship among relevant variables, while leaving out trivial details
Nuts-and-Bolts View of the Business Analytical Process - ANS-Start
- Business problem
- Organizational pain points
- An unrealized opportunity
Data Management
- External data
- Internal Data
- Big data
- Data cleaning, extraction, transformation, and loading into a data warehouse or data lake
Analytical Tools and Techniques
- Statistical Models
- Machine Learning
Analytical Models
- Descriptive analytics
- Predictive analytics
- Prescriptive analytics
Presentation Tools
- Presentations
- Reports
- Dashboards
Actionable Business Decision or Recommendation
Abstract (Theoretical overview) of the Business Analytical Process - ANS-Motivation
