BUSINESS ANALYTICS JAMES REVISION
HANDBOOK 2026 DATA VISUALIZATION AND
ANALYTICAL TOOLS
◉ information systems (IS). Answer: use IT to collect, organize, and
distribute data for use in decision making
◉ Statistical methods include. Answer: the basic tools of description,
exploration, estimation, and inference, as well as more advanced
techniques like regression, forecasting, and data mining.
◉ Operations research (OR). Answer: A scientific discipline
primarily begun during the Second World War that seeks to apply
the scientific method and mathematical models to the solution of a
variety of management decision problems
◉ Operations Research/Management Science (OR/MS). Answer: The
analysis and solution of complex decision problems using
mathematical or computer-based models
◉ modeling and optimization. Answer: Techniques for translating
real problems into mathematics, spreadsheets, or other computer
languages, and using them to find the best ("optimal") solutions and
decisions.
, ◉ INFORMS. Answer: the Institute for Operations Research and the
Management Sciences - the leading professional society devoted to
OR/MS and analytics, and publishes a bimonthly magazine called
Analytics (http://analytics-magazine.com/).
◉ Decision support systems (DSS). Answer: Computer-based
interactive systems that help decision makers use data and models
to solve unstructured problems
◉ A DSS includes three major components:. Answer: 1. Data
management. The data management component includes databases
for storing data and allows the user to input, retrieve, update, and
manipulate data.
2. Model management. The model management component consists
of various statistical tools and management science models and
allows the user to easily build, manipulate, analyze, and solve
models.
3. Communication system. The communication system component
provides the interface necessary for the user to interact with the
data and model manage- ment components.
HANDBOOK 2026 DATA VISUALIZATION AND
ANALYTICAL TOOLS
◉ information systems (IS). Answer: use IT to collect, organize, and
distribute data for use in decision making
◉ Statistical methods include. Answer: the basic tools of description,
exploration, estimation, and inference, as well as more advanced
techniques like regression, forecasting, and data mining.
◉ Operations research (OR). Answer: A scientific discipline
primarily begun during the Second World War that seeks to apply
the scientific method and mathematical models to the solution of a
variety of management decision problems
◉ Operations Research/Management Science (OR/MS). Answer: The
analysis and solution of complex decision problems using
mathematical or computer-based models
◉ modeling and optimization. Answer: Techniques for translating
real problems into mathematics, spreadsheets, or other computer
languages, and using them to find the best ("optimal") solutions and
decisions.
, ◉ INFORMS. Answer: the Institute for Operations Research and the
Management Sciences - the leading professional society devoted to
OR/MS and analytics, and publishes a bimonthly magazine called
Analytics (http://analytics-magazine.com/).
◉ Decision support systems (DSS). Answer: Computer-based
interactive systems that help decision makers use data and models
to solve unstructured problems
◉ A DSS includes three major components:. Answer: 1. Data
management. The data management component includes databases
for storing data and allows the user to input, retrieve, update, and
manipulate data.
2. Model management. The model management component consists
of various statistical tools and management science models and
allows the user to easily build, manipulate, analyze, and solve
models.
3. Communication system. The communication system component
provides the interface necessary for the user to interact with the
data and model manage- ment components.
