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Data Set - Answer-A collection of data. Marketing survey responses, a table of historical stock prices, and a collection of measurements of dimensions of a manufactured item are examples of data sets. Database - Answer-A collection of related files containing records on people, places, or things. Entities - Answer-The people, places, or things for which we store and maintain information. Fields or Attributes - Answer-A database file that is usually organized in a two-dimensional table, ...

Your job as a CEO or owner... - Answer-make company better and build shareholder value BA used to... - Answer-gain actionable insights to make better decisions and automate/optimize business processes Successful BA depends on: (3) - Answer-- data quality - skilled analyst who understand technology and business - commitment to data-driven decisions Descriptive: - Answer-what happened? Predictive: - Answer-what is likely to happen? Prescriptive: - Answer-what should we do? For...

Strategic decision - Answer-A decision that involves higher-level issues and that is concerned with the overall direction of the organization, defining the overall goals and aspirations for the organization's future. Tactical decision - Answer-concern how the organization should achieve the goals and objectives set by its strategy, and they are usually the responsibility of midlevel management. Tactical decisions usually span a year and thus are revisited annually or even every six months. ...

Chapter 1 - Answer-Data & Statistics Statistics - Answer-The art and science of collecting, analyzing, presenting, and interpreting data. statistics refers to - Answer-numerical facts such as averages, medians, percentages, and maximums that help us understand a variety of business and economic situations. Data - Answer-The facts and figures collected, analyzed, and summarized for presentation and interpretation. Data Set - Answer-All the data collected in a particular study. Elem...

Data Set - Answer-A simple collection of data or a data file Database - Answer-A collection of data files that contain information on people, locations, and so on Computer Clouds - Answer-Hardware and software used for data remote storage, retrieval, and computational functions Data Warehousing - Answer-A collection of databases used for reporting and data analysis Big Data - Answer-Describes the collection of data sets that are so large and complex that software systems are hardly a...

Descriptive Analytics - Answer-the use of data to understand past and current business performance and make informed decisions Predictive Analytics - Answer-predict the future by examining historical data, detecting patterns or relationships in these data, and then extrapolating these relationships forward in time Prescriptive Analytics - Answer-identify the best alternatives to minimize or maximize some objective Business Analytics is the use of... - Answer--data -information technolo...

the example in chapter 2 about Colgate-palmolive company focuses on what? - Answer-product density the sum of frequencies for all classes will always equal - Answer-the number of elements in a data set a frequency distribution is a tabular summary of data showing the - Answer-number of items in several classes the relative frequency of a class is computed by - Answer-dividing the frequency of the class by the sample size the sums of the relative frequencies for all classes will alway...

Business Analytics - Answer-- the practice and art of bringing quantitative data to bear on decision making. Business Intelligence - Answer-- Data visualization and reporting for understanding "what happened and what is happening." -- Done by the use of charts, tables, and dashboards to display, examine, and explore data. Data mining - Answer-- Business analytics methods that go beyond counts, descriptive techniques, and reporting, and methods based on business rules. Machine learni...

Business Analytics - Answer-the use of data, information technology, statistical analysis, quantitative methods, and mathematical or computer-based models to help managers gain improved insight about their business operations and make better, fact- based decisions. Some common types of decisions that can be enhanced by using analytics include - Answer-• pricing (for example, setting prices for consumer and industrial goods, government contracts, and maintenance contracts) . customer segmen...

Business analytics is the use of... - Answer-data, information technology, statistical analysis, quantitative methods, and mathematical or computer-based models to help managers gain improved insight about their business operations and make better, fact-based decisions. data mining - Answer-focuses on better understanding of characteristics and patterns among variables in large databases using statistical and analytical tools Simulation and risk analysis: - Answer-examines the impact of ...

business analytics - Answer-use of data, information technology, statistical analysis, quantitative method, and mathematical or computer based operations and make better, fact based decisions business intelligence - Answer-collection, management, analysis, and reporting of data decision support systems - Answer-combo of business intelligence concepts and or/ms models to create analytical-based computer systems to support decision making descriptive analytics - Answer-use of data to unde...

Business Week - Answer-Provides stats about the economy including production indices, stock prices, mutual funds and interest rates. Statistics - Answer-Numeral Facts (Average, Medians, Percents, and Index Numbers) Data - Answer-Facts and figures collected, analyzed and summarized for presentation and interpretation Data Set - Answer-All data collected for a study Elements - Answer-Entities on which data are collected Variable - Answer-Characteristic of interest for the elements ...

business analytics - Answer-use of data, information technology, statistical analysis, quantitative method, and mathematical or computer based operations and make better, fact based decisions business intelligence - Answer-collection, management, analysis, and reporting of data information systems - Answer-modern discipline evolved from business intelligence statistics - Answer-science of uncertainty and the technology of extracting information from data; an important element of busines...

These are the reasons why companies use analytics except Government regulations protect companies; Proprietary technologies are copied; Geographic advantages do not exist anymore; Getting difficult to differentiate based on products, services, or uses of IT among companies today - Answer-Government regulations protect companies Which of the following is not one of the four drivers of business analytics? Comply with regulatory requirements; Desire to analyze big data; Predict new bu...

Typical charts, graphs, and other visual elements used in visualization-based applications usually involve ________ dimensions. - Answer-two ________ charts or network diagrams show precedence relationships among the project activities/tasks. - Answer-PERT ________ regression is a very popular, statistically sound, probability-based classification algorithm that employs supervised learning. - Answer-Logistic ________ charts are a special case of horizontal bar charts that are used to po...

) Which of the following is the best definition of the term big data? A) Databases measured in terms of zettabytes. B) Datasets that are too large and complex for businesses' existing systems utilizing traditional capabilities. C) Databases for businesses that generate more than one million electronic transactions per month. D) Datasets generated by social media applications such as Facebook, Twitter, Tencent QQ, and Instagram. - Answer-B 2) How does data analytics play a vital...

A) mathematical models. - Answer-24) Intermediate result variables reflect intermediate outcomes in A) mathematical models. B) flowcharts. C) decision trees. D) ROI calculations. C) risk. - Answer-25) When the decision maker must consider several possible outcomes for each alternative, each with a given probability of occurrence, this is decision making under A) certainty. B) uncertainty. C) risk. D) duress. A) certainty. - Answer-26) When the decision maker knows e...

1) In the Cabela's case study, the SAS/Teradata solution enabled the direct marketer to better identify likely customers and market to them based mostly on external data sources. - Answer-FALSE 2) The cost of data storage has plummeted recently, making data mining feasible for more firms. - Answer-TRUE 3) Data mining can be very useful in detecting patterns such as credit card fraud, but is of little help in improving sales. - Answer-FALSE 4) If using a mining analogy, "knowledge mini...

Before implementing an active data warehouse solution, DirecTV pulled data from the server every night in batch mode, a process that was taking too long and straining the system. - Answer-True A data warehouse differs from an operational database in that most data warehouses have a product orientation and are designed to handle transactions that update the database. - Answer-False A real-time data warehouse together with a decision support system that leverages integrated data can provid...

Input is the information an information system produces and displays in the format most useful to an organization. True or False? - Answer-False The terms "business intelligence (BI) means to transform data into actionable intelligence that informs an organization's strategic and tactical business decision. - Answer-True Information System is an integrated set of components for collecting, storing, processing data and providing information, knowledge, and digital products. - Answer-Tr...