213 Final Study Flashcards
(57 cards)
Business Analytics
The process of developing actionable decisions based on insights generated from data, examine data with statistical tools
Descriptive Analysis
Summarize what has happened in the past and allow decision makers (you) to learn from past behaviours
BA tools in Descriptive Analytics
Online analytical processing, data mining the process of searching for valuable business information in a large database, data warehouse or data mart
Descriptive Analytics- identify previously unknown patterns
Predictive Analytics- Predict trends and behaviors
Decision Support Systems
combine models and data to analyze semi structured and unstructured problems that involve extensive user involvement
Sensitivity Analysis
Study of the impact that changes in one or more parts of a decision making model have on other parts such as budgeting process as variable that are uncertain: future tax rates, inflation rates, company operating expenses
What if Analysis
Attempts to predict the impact of a change in the assumptions (input data) on the proposed solution example: what will happen to the total inventory cost if the originally assumed cost of carrying inventories is 12% instead of 10%
Goal Seeing Analysis
A backward solution that attempts to calculate the value of the inputs necessary to achieve a desired level of output example what sales would be needed to generate a $5 million profit
Predictive Analysis
Examine recent and historical data to detect patterns and predict future outcomes or trends, it can only forecast what might happen in the future based on probabilities. Examples are banking forecasting bank loans,
retailing sales: predicting sales and preventing theft and fraud
manufacturing and production: predict machinery failures
insurance: forecast claim amounts and medical coverage costs
police work: track crime patterns and locations
healthcare: predict illness from patient demographics
Data Mining
A BA tool in predictive analytics, the process of searching for valuable business information in a large database, data warehouse and data mart
Descriptive Analytics
Identify previously unknown patterns
Predictive Analytics
Predict Trends and behaviors
Prescriptive Analysis
Recommend one or more courses of action and show the likely outcome of each decision
Prescriptive analysis= predictive analytics + additional 02 components
Tools+ optimization, simulations and decision trees
Electronic Commerce
the process of buying, selling, transferring or exchanging products, services or information via computer networks particularly the internet
Electronic Business
In addition to buying and selling goods and services, e-business refers to servicing customers’ collaborating with business partners and performing electronic transactions in an organization
Degree of Digitalization
the extent to which commerce has been transformed from physical to digital: brick and mortar organization, pure electronic commerce, virtual or pure play organizations and click and mortar organizations
Three Types of E-Commerce
- Business to consumer EC (B2C) the sellers are organizations and the buyers are individuals
- Business to Business (B2B) both the sellers and the buyers are the organizations
- Consumer to Consumer EC (C2C) both the sellers and buyers are individuals example eBay
Three other type of E-Commerce
- Business to Employee EC (B2E) An organization uses EC internally to provide information and services to its employees
- E-Government at government to citizen (G2C) the government provides services to citizens such as social security payments
- Mobile Commerce (m-commerce) EC is conducted entirely in a wireless environment
Business Model
The method by which a company generates revenue to sustain itself
Electronic Catalogs
consists of a product database, a directory and search capabilities the backbone of most EC web bases ie an Amazon host
Electronic Auction
Competitive buying and selling process in which prices are determined dynamically by competitive bidding such as forward auctions or reverse auctions
E store fronts
a website that represents a single store
Electronic mall
Collection of individuale shops under one internet address
E-Marketplaces
Central virtual market space on the web where many buyers and many sellers conduct e commerce and e business activities
Electronic Payment Mechanisms
enable buyers to pay for goods and services electronically
