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Business Analytics > Applications of Business Analytics 1 > Flashcards

Applications of Business Analytics 1 Flashcards

1
Q

These are the facts and figures collected, analyzed, and summarized for presentation and interpretation.

A

Data

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2
Q

What does Dow mean?

A

Dow Jones Industrial Index

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3
Q

What is tracked by many financial advisors and investors as an indication of the state of the overall financial markets and the economy in the US?

A

Dow

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4
Q

It is a characteristic or a quantity of interest that can take on different values.

A

Variable

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5
Q

Give examples of variables.

A

Symbols
Industry
Share Price
Volume

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6
Q

It is a set of values corresponding to a set of variables.

A

Observation

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7
Q

Every problem and opportunity that an organization or individual is concerned with, what?

A

The impact of the possible values of relevant variables on the business outcome.

How the value of a variable can vary.

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8
Q

It is the difference in a variable measured over observations.

A

Variation

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9
Q

What is the role of descriptive analytics?

A

To collect and analyze data to gain a better understanding of variation and its impact on the business setting.

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10
Q

It’s the values of some variables under the direct control of the decision makers.

A

Direct Variables

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11
Q

Why do values of other variables may fluctuate with uncertainty?

A

Because of factors outside the direct control of the decision-maker

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12
Q

It is the quantity whose values are not known with certainty.

A

Random Variable
Uncertain Variable

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13
Q

What can be categorized in several ways on how they are collected and the type collected?

A

Data

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14
Q

Is it feasible to collect data from population of all elements of interest?

A

No

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15
Q

It is the data collected from a subset of the population.

A

Sample

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16
Q

It is a set of individuals who share a characteristic or set of characteristics.

A

Population data

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17
Q

In most cases, a representative sample can be gathered by what kind of sampling?

A

Random sampling

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18
Q

What is it called if numeric and arithmetic operations can be performed on data?

A

Quantitative Data

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19
Q

What is it called if numeric and arithmetic operations can’t be performed on data?

A

Categorical data

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20
Q

It can be summarized by counting the number of observations or computing the proportions of observations in each category.

A

Categorical Data

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21
Q

These are collected from several entities at the same time or approximately the same point in time.

A

Cross-sectional data

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22
Q

These are collected over several time periods.

A

Time Series Data

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23
Q

These are frequently found in business and economic publications where analysts understand what happened in the past, identify trends over time, and project future levels.

A

Graphs of time series data

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24
Q

The data necessary to analyze a business problem or opportunity can often be obtained with a/an what?

A

appropriate study

25
Q

In this study, a variable of interest is first identifiedthen one or more other variables are identified and controlled or manipulated.

A

Experimental Study

26
Q

In this study, there is no attempt to control the variables of interest.

A

Nonexperimental
Observational studies

27
Q

What is the most common type of observational study?

A

Survey

28
Q

It is the creation of ad hoc analysis to answer specific business questions and forecast possible future financial scenarios.

A

Financial Analytics

29
Q

What is the goal of financial analytics?

A

To shape the strategy for business through reliable, factual insight rather than intuition.

30
Q

What provides the tools for firms to gain deep knowledge of key trends and take action to improve their performance?

A

Financial Analytics

31
Q

What are the mentioned importance of financial analytics?

A
  • It can help companies determine the risks they face, how to enhance and extend the business processes that make them run more effectively, and whether organizations’ investments are focused on the right areas.
  • Enable organizations to rethink their strategies for solving problems and supporting business decisions.
  • Help companies examine the profitability of products across various sales channels and customers
  • Increase visibility regarding the processes that support decision-making
32
Q

What are the key types of financial analytics?

A

Predictive sales analytics
Client profitability analytics
Cash-flow analytics
Product profitability analytics
Value-driven analytics
Shareholder value analytics

33
Q

What may include the use of correlation analysis or past trends to forecast corporate sales?

A

Predictive sales analytics

34
Q

What helps differentiate between clients who make money and those who don’t?

A

Client profitability analytics

35
Q

What entails assessing each product individually rather than establishing profitability overall at a company?

A

Product profitability analytics

36
Q

What employs real-time indicators and may include tools such as regression analysis to predict cash flow?

A

Cash-flow analytics

37
Q

What assesses a business’ value drivers or the key “levers” the organization needs to pull to achieve its goals?

A

Value-driven analytics

38
Q

What is used to tally the value of a company by examining the returns it provides to shareholders?

A

Shareholder value analytics

39
Q

What is used concurrently with profit and revenue analytics?

A

Shareholder value analytics

40
Q

What can speed up the creation of reports and present data in an executive dashboard??

A

Financial Analysis Software

41
Q

What is the graphical presentation that is easier to read and interpret than a series of spreadsheets with pivot tables?

A

Executive Dashboard

42
Q

List the popular financial analysis software programs.

A

MATLAB
Oracle Financial Analytics
SAP ERP Financial Analytics
SAS Business Analytics
IBM Cognos Finance
NetSuite

43
Q

It is a modular component of Oracle’s integrated family of business intelligence software applications.

A

Oracle Financial Analytics

44
Q

It enables insight into the general ledger, provides visibility into performance against budget and the way staffing costs and employee or supplier performance affects revenue and customer satisfaction.

A

Oracle Financial Analytics

45
Q

It helps organizations define financial goals, develop business plans and monitor costs and revenue during execution.

A

SAP ERP Financial Analytics

46
Q

It provides an integrated environment for data mining, text mining, simulation, predictive modeling, and descriptive modeling.

A

SAS Business Anaytics

47
Q

It is a mathematical model that predicts future outcomes.

A

Predictive Modeling

48
Q

It is a mathematical model that describes historical events and the relationships that created them.

A

Descriptive Modeling

49
Q

It provides out-of-the-box data analysis capabilities for sales, supply chain procurement, and workforce management functions.

A

IBM Cognos Finance

50
Q

It provides financial dashboards, reporting, and analytic functions that allow personal key performance indicators to be motored in real-time.

A

NetSuite

51
Q

it allows developers to interface with programs developed in different languages, which makes it possible to haness the unique strengths o f each language for various purposes.

A

MATLAB

52
Q

What are the three dimensions of data analytics competency?

A

Descriptive
Predictive
Prescriptive

53
Q

It allows finance professionals to look at the past and present facts.

A

Descriptive

54
Q

At this level, the use of big data is pretty straightforward.

A

Descriptive

55
Q

What patterns can be used to predict what might happen tomorrow?

A

Historical data (descriptive) and identify payment patterns

56
Q

At this level, we are approaching the final dimension.

A

Predictive

57
Q

It allows for patterns to be identified and be used to predict what might happpen tomorrow.

A

Predictive

58
Q

This is the third and most interesting dimension of big data analytics.

A

Prescriptive

59
Q

This is where once there is a prediction, there is a necessary action to be done and preempt potential problems before they can occur.

A

Prescriptive

Business Analytics (6 decks)

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