Business Analytics
Business Analytics - correct answerthe 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 -
correct answer• pricing (for example, setting prices for consumer and industrial goods,
government contracts, and maintenance contracts)
. customer segmentation (for example, identifying and targeting key customer groups in
retail, insurance, and credit card industries),
. merchandising (for example, determining brands to buy, quantities, and • allocations),
. location (for example, finding the best location for bank branches and ATMs, or where
to service industrial equipment),
Analytical methods, in one form or another, have been used in business - correct
answerFor over a century
modern evolution of analytics began with what? - correct answerthe introduction of
computers in the late 1940s and their development through the 1960s and beyond
business intelligence (BI) - correct answerthe collection, management, analysis, and
reporting of data
information systems (IS) - correct answeruse IT to collect, organize, and distribute data
for use in decision making
Statistical methods include - correct answerthe basic tools of description, exploration,
estimation, and inference, as well as more advanced techniques like regression,
forecasting, and data mining.
Operations research (OR) - correct answerA 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) - correct answerThe analysis and
solution of complex decision problems using mathematical or computer-based models
modeling and optimization - correct answerTechniques for translating real problems into
mathematics, spreadsheets, or other computer languages, and using them to find the
best ("optimal") solutions and decisions.
INFORMS - correct answerthe 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) - correct answerComputer-based interactive systems
that help decision makers use data and models to solve unstructured problems
A DSS includes three major components: - correct answer1. 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.
data mining - correct answerfocused on better understanding characteristics and
patterns among variables in large databases using a variety of statistical and analytical
tools
Simulation and risk analysis - correct answerrelies on spreadsheet models and
statistical analysis to examine the impacts of uncertainty in the estimates and their
potential interaction with one another on the output variable of interest
what-if analysis - correct answerprocess of changing values in cells to see how those
changes affect the outcome of formulas in the worksheet
visualization - correct answerprovide a way of easily communicating data at all levels of
a business and can reveal surprising patterns and relationships.
tag cloud - correct answerA visual depiction of keywords related to the search, with font
size and position indicating relevance.
Business analytics begins with - correct answerthe collection, organization, and
manipulation of data
Business analytics is supported by three major components - correct answerDescriptive
analytics, Predictive analytics, and Prescriptive analytics.
descriptive analytics - correct answerThe use of data to understand past and current
business performance and make informed decisions.
The most commonly used and most well-understood type of analytics. - correct
answerDescriptive Analysis
Business Analytics - correct answerthe 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 -
correct answer• pricing (for example, setting prices for consumer and industrial goods,
government contracts, and maintenance contracts)
. customer segmentation (for example, identifying and targeting key customer groups in
retail, insurance, and credit card industries),
. merchandising (for example, determining brands to buy, quantities, and • allocations),
. location (for example, finding the best location for bank branches and ATMs, or where
to service industrial equipment),
Analytical methods, in one form or another, have been used in business - correct
answerFor over a century
modern evolution of analytics began with what? - correct answerthe introduction of
computers in the late 1940s and their development through the 1960s and beyond
business intelligence (BI) - correct answerthe collection, management, analysis, and
reporting of data
information systems (IS) - correct answeruse IT to collect, organize, and distribute data
for use in decision making
Statistical methods include - correct answerthe basic tools of description, exploration,
estimation, and inference, as well as more advanced techniques like regression,
forecasting, and data mining.
Operations research (OR) - correct answerA 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) - correct answerThe analysis and
solution of complex decision problems using mathematical or computer-based models
modeling and optimization - correct answerTechniques for translating real problems into
mathematics, spreadsheets, or other computer languages, and using them to find the
best ("optimal") solutions and decisions.
INFORMS - correct answerthe 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) - correct answerComputer-based interactive systems
that help decision makers use data and models to solve unstructured problems
A DSS includes three major components: - correct answer1. 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.
data mining - correct answerfocused on better understanding characteristics and
patterns among variables in large databases using a variety of statistical and analytical
tools
Simulation and risk analysis - correct answerrelies on spreadsheet models and
statistical analysis to examine the impacts of uncertainty in the estimates and their
potential interaction with one another on the output variable of interest
what-if analysis - correct answerprocess of changing values in cells to see how those
changes affect the outcome of formulas in the worksheet
visualization - correct answerprovide a way of easily communicating data at all levels of
a business and can reveal surprising patterns and relationships.
tag cloud - correct answerA visual depiction of keywords related to the search, with font
size and position indicating relevance.
Business analytics begins with - correct answerthe collection, organization, and
manipulation of data
Business analytics is supported by three major components - correct answerDescriptive
analytics, Predictive analytics, and Prescriptive analytics.
descriptive analytics - correct answerThe use of data to understand past and current
business performance and make informed decisions.
The most commonly used and most well-understood type of analytics. - correct
answerDescriptive Analysis
