3 week Flashcards

1
Q

Descriptive Statistics

A

Sampling
Numerical Methods
Visualization

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2
Q

Forecasting

A

Time series

Simulation

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3
Q

Data Mining

A

Regressions
Classification
Cluster

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4
Q

Management

A

Optimization
Decision making
Goal Programming
Logistics

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5
Q

Strategic Analytics

A

Strategic analytics refers to the process of conducting research on a company and its operating
environment to formulate a strategy.
1. Identifying and evaluating data relevant to the company’s strategy
2. Defining the internal and external environments to be analyzed
3. Using several analytic methods such as Porter’s five forces analysis, SWOT analysis, and value
chain analysis

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6
Q

Strategy

A

A set of guiding principles that, when communicated and adopted in the organization,
generates a desired pattern of decision making.

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7
Q

Managerial Analytics

A

Tactical planning is done at middle management level.
It mainly involves the resource acquisitions and utilisations to achieve
the organisational goals.
Tactical plans cover shorter time frames and are associated with less
uncertainty and hence lower risk as compared to strategic planning

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8
Q

Operational Analytics

A

Operational analytics is the process of using data analysis and business intelligence
to improve efficiency and streamline everyday operations in real time.
1.Visualizing the Environment
2.Fast Troubleshooting
3.Prioritize Opportunities and Issues
4.Analyze Impact on the Business
5.Create Action Plans

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9
Q

Retail operations

A
  • Design
  • Customer Service
  • Cash, Fraud, and Internal Controls
  • Product Inventory
  • Administration
  • Store Management
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10
Q

Design

A
Design and aesthetics are a major part of the shopping experience. Design is both art and science, often using data to help make choices, such as product display and placement.
Store location
• Store design and layout
• Visual merchandising
• Store atmosphere
• Store space management
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11
Q

Customer services

A

Much of a store’s success depends on customer service - how it treats its customers. Customers may not always be right, but they’re always the customer, representing a potential sale and potential review

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12
Q

Cash, Fraud, and Internal Controls

A

Stores need to carefully define, implement, and monitor these areas of their
operations, as they directly impact the bottom line.
• Handling cash and credit
• Shoplifting and fraud prevention
• Internal controls
• Safety and security

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13
Q

Product Inventory

A
For a store to succeed, it needs to have the products to satisfy its customers.
• Ordering merchandise
• Receiving stock
• Using an inventory system
• Pricing
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14
Q

Administration

A
  • Managing the premises
  • Training of employees
  • Managing of promotions and events
  • Data management and use of technology
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15
Q

Store Operations Management

A
  • Hiring, firing, training, and managing of employees
  • Forecasting sales and budgeting
  • Oversight of inventory and loss prevention
  • Oversight of all internal controls, such as for cash handling
  • All aspects of customer service
  • Internal and external communication
  • Legal compliance
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