EBTM 350 - CHAPTER 1 TEXTBOOK QUESTIONS AND
ANSWERS WITH COMPLETE SOLUTIONS VERIFIED
LATEST UPDATE
State three examples of how business analytics is used in organizations
1. pricing - setting prices for consumer and industrial goods, government contracts, and
maintenance contracts
2. customer segmentation - identifying and targeting key customer groups in retail,
insurance, and credit card industries
3. location - finding the best location for bank branches and ATMs, or where to service
industrial equipment
What challenges do organizations face in using analytics?
lack of understanding of how to use analytics, competing business priorities, insufficient
analytical skills, difficulty in getting good data and sharing information, and not
understanding the benefits versus perceived cost of analytical studies
Explain why analytics is important in today's business environment
helps managers gain improved insight about their business operations and make better,
fact-based decisions
What are the key benefits of using business analytics?
reduced cost, better risk management, faster decisions, better productivity - profitability
and customer satisfaction
, Business analytics definition
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
What are the components of a decision support system?
1. Data management
2. model management
3. communication system
How does modern business analytics integrate traditional disciplines of BI,
statistics, and modeling/optimization?
Through data mining, visualization, simulation and risk, and decision support systems
What is operations research management science?
The analysis and solution of complex decision problems using mathematical or
computer-based models
How do statistical methods enhance business intelligence reporting?
- BA enhances understanding of data
- BA is vital for businesses to remain competitive
- BA enables creation of informative reports
Provide two examples of questions that business intelligence can address
- How many units did we sell last month?
- What products did customers buy and how much did they spend
descriptive analytics definition
ANSWERS WITH COMPLETE SOLUTIONS VERIFIED
LATEST UPDATE
State three examples of how business analytics is used in organizations
1. pricing - setting prices for consumer and industrial goods, government contracts, and
maintenance contracts
2. customer segmentation - identifying and targeting key customer groups in retail,
insurance, and credit card industries
3. location - finding the best location for bank branches and ATMs, or where to service
industrial equipment
What challenges do organizations face in using analytics?
lack of understanding of how to use analytics, competing business priorities, insufficient
analytical skills, difficulty in getting good data and sharing information, and not
understanding the benefits versus perceived cost of analytical studies
Explain why analytics is important in today's business environment
helps managers gain improved insight about their business operations and make better,
fact-based decisions
What are the key benefits of using business analytics?
reduced cost, better risk management, faster decisions, better productivity - profitability
and customer satisfaction
, Business analytics definition
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
What are the components of a decision support system?
1. Data management
2. model management
3. communication system
How does modern business analytics integrate traditional disciplines of BI,
statistics, and modeling/optimization?
Through data mining, visualization, simulation and risk, and decision support systems
What is operations research management science?
The analysis and solution of complex decision problems using mathematical or
computer-based models
How do statistical methods enhance business intelligence reporting?
- BA enhances understanding of data
- BA is vital for businesses to remain competitive
- BA enables creation of informative reports
Provide two examples of questions that business intelligence can address
- How many units did we sell last month?
- What products did customers buy and how much did they spend
descriptive analytics definition
