TEST BANK FOR BUSINESS ANALYTICS: DATA
ANALYSIS & DECISION MAKING, 8TH EDITION BY (S.
CHRISTIAN ALBRIGHT, 2024) VERIFIED CHAPTERS 1
- 19, COMPLETE NEWEST VERSION
Business Analytics - (ANSWER)the practice of repetitive, methodical exploration of an
organization's raw data through various tools and techniques with the goal of driving informed
decisions
What does the business analytics process start with? - (ANSWER)A question
= something we need to solve
What are the stages in the business analytics process? - (ANSWER)1) Data
2) Information
3) Knowledge
4) Widsom
What is Data? - (ANSWER)= raw, unorganized facts
- information that is pouring into an organization on a regular basis
What is Information? - (ANSWER)= potentially valuable concepts based on data
- organizes data into an understandable format
Information alone doesn't allow you to... - (ANSWER)make informed decisions
What is Knowledge? - (ANSWER)= what we understand based on information
- interpret information and draw insight
,What is Wisdom? - (ANSWER)= effective use of knowledge and information in decision making
= "so what"
What is the ultimate goal of the business analytics process? - (ANSWER)= make more informed
decisions
What are the three types of Business Analytics? - (ANSWER)1) Descriptive Analytics
2) Predictive Analytics
3) Prescriptive Analytics
* can be used in isolation or in combination based on the business question being
asked/answered
What is Descriptive Analytics? - (ANSWER)= focuses on the set of techniques that describe
what HAS happened in the past or what is happening NOW
- backward looking
- uses spreadsheets of data and statistical analysis
In what stage does descriptive analytics fit? - (ANSWER)= the information stage
- note quite understanding the information, however data is not raw/unorganized
What is Predictive Analytics? - (ANSWER)= focuses on what WILL or SHOULD happen based
on past trends
- uses more specific metrics/measurements than descriptive analytics
What is Predictive Modeling? - (ANSWER)= run through multiple iterations and combinations
- can't do with 100% accuracy
In what stage does predictive analytics fit? - (ANSWER)= knowledge stage
, What is Prescriptive Analytics? - (ANSWER)= focuses on selecting the best course of action
based on a set of alternatives
- end result is a DECISION
In what stage does prescriptive analytics fit? - (ANSWER)= wisdom stage
Baseball in terms of the three types of Business Analytics: - (ANSWER)1) Descriptive: "What
was the best baseball player last year?"
2) Predictive: "Who will be the best baseball player next year?"
3) Prescriptive: "Of the top free agent short-stops available, who should we sign?"
See example in notes for DA, PA, and PrA. - (ANSWER)
What are the sources of Information for Business Analytics? - (ANSWER)1) Statistics and
Economics
2) Operations research
3) Artificial Intelligence
4) Database Technologies
Statistics and Economics tools for BA - (ANSWER)= statistical theories of pattern recognition,
econometric methods, statistical reasoning, and forecasting techniques
Operations research Tools for BA - (ANSWER)= Linear programming, decision theory, and
game theory
- understand pattern of outcomes to know which range of behavior you should exhibit
Artificial Intelligence Tools for BA - (ANSWER)= Machine learning, artificial neural networks,
and case based reasoning systems
Database technology tools for BA - (ANSWER)= Data modeling, query languages, query
optimization
ANALYSIS & DECISION MAKING, 8TH EDITION BY (S.
CHRISTIAN ALBRIGHT, 2024) VERIFIED CHAPTERS 1
- 19, COMPLETE NEWEST VERSION
Business Analytics - (ANSWER)the practice of repetitive, methodical exploration of an
organization's raw data through various tools and techniques with the goal of driving informed
decisions
What does the business analytics process start with? - (ANSWER)A question
= something we need to solve
What are the stages in the business analytics process? - (ANSWER)1) Data
2) Information
3) Knowledge
4) Widsom
What is Data? - (ANSWER)= raw, unorganized facts
- information that is pouring into an organization on a regular basis
What is Information? - (ANSWER)= potentially valuable concepts based on data
- organizes data into an understandable format
Information alone doesn't allow you to... - (ANSWER)make informed decisions
What is Knowledge? - (ANSWER)= what we understand based on information
- interpret information and draw insight
,What is Wisdom? - (ANSWER)= effective use of knowledge and information in decision making
= "so what"
What is the ultimate goal of the business analytics process? - (ANSWER)= make more informed
decisions
What are the three types of Business Analytics? - (ANSWER)1) Descriptive Analytics
2) Predictive Analytics
3) Prescriptive Analytics
* can be used in isolation or in combination based on the business question being
asked/answered
What is Descriptive Analytics? - (ANSWER)= focuses on the set of techniques that describe
what HAS happened in the past or what is happening NOW
- backward looking
- uses spreadsheets of data and statistical analysis
In what stage does descriptive analytics fit? - (ANSWER)= the information stage
- note quite understanding the information, however data is not raw/unorganized
What is Predictive Analytics? - (ANSWER)= focuses on what WILL or SHOULD happen based
on past trends
- uses more specific metrics/measurements than descriptive analytics
What is Predictive Modeling? - (ANSWER)= run through multiple iterations and combinations
- can't do with 100% accuracy
In what stage does predictive analytics fit? - (ANSWER)= knowledge stage
, What is Prescriptive Analytics? - (ANSWER)= focuses on selecting the best course of action
based on a set of alternatives
- end result is a DECISION
In what stage does prescriptive analytics fit? - (ANSWER)= wisdom stage
Baseball in terms of the three types of Business Analytics: - (ANSWER)1) Descriptive: "What
was the best baseball player last year?"
2) Predictive: "Who will be the best baseball player next year?"
3) Prescriptive: "Of the top free agent short-stops available, who should we sign?"
See example in notes for DA, PA, and PrA. - (ANSWER)
What are the sources of Information for Business Analytics? - (ANSWER)1) Statistics and
Economics
2) Operations research
3) Artificial Intelligence
4) Database Technologies
Statistics and Economics tools for BA - (ANSWER)= statistical theories of pattern recognition,
econometric methods, statistical reasoning, and forecasting techniques
Operations research Tools for BA - (ANSWER)= Linear programming, decision theory, and
game theory
- understand pattern of outcomes to know which range of behavior you should exhibit
Artificial Intelligence Tools for BA - (ANSWER)= Machine learning, artificial neural networks,
and case based reasoning systems
Database technology tools for BA - (ANSWER)= Data modeling, query languages, query
optimization
