Business Analytics

Question 1

is 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.

Answer 1

Business Analytics

Question 2

often used interchangeably with Business Intelligence

Answer 2

Business Analytics

Question 3

is used to refer to the overall practice of data analysis in a business context

Answer 3

Business Intelligence

Question 4

refer to the deeper, more advanced methods of analyzing data

Answer 4

Analytics

Question 5

it is the process that involves data, the tools to gather and interpret it

Answer 5

Analytics

Question 6

is primarily a decision making tool

Answer 6

Business Analytics

Question 7

Some common decisions include in Business Analytics

Answer 7

Pricing Decisions
Decisions to target consumer segments
Merchandising Decisions
Location Decisions

Question 8

is used to gather data and turn it into actionable items to create strategic and tactical decisions

Answer 8

Business Analytics

Question 9

are measures of quantitative assessment commonly used for assessing, comparing, and tracking performance or production

Answer 9

Metrics

Question 10

it takes whatever measure in the organizations data and applies calculations and comparisons to them

Answer 10

Metrics

Question 11

are the raw numerical data

Answer 11

Measures

Question 12

any data item that can be subject to the four basic arithmetic operations

Answer 12

Measures

Question 13

these are specific metrics that help measure a company’s success

Answer 13

Key Performance Indicators

Question 14

this helps simplify analysis and opens up discussions in strategy meetings by having a single interactive page displaying all the relevant metrics

Answer 14

Key Performance Indicators

Question 15

Examples of Commonly Used Metrics

Answer 15

Sales vs. Targets
Current Period Sales vs. Previous Period Sales
Sales vs. Returns
Sales vs. Invoice
Truck Utilization
Customer Segmentation
Hiring Rates
Occupancy Rate
Service Level Agreement
Lead Summary

Question 16

one of the most universal basic metrics

Answer 16

Sales vs. Targets

Question 17

it simply shows the difference between actual sales numbers against the target figure

Answer 17

Sales vs. Targets

Question 18

used as a measure of sales over various periods of time

Answer 18

Current Period Sales vs. Previous Period Sales

Question 19

when a product that has been sold is returned at an unsellable state, it will automatically count as a loss to the company

Answer 19

Sales vs. Returns

Question 20

this metric will allow the company to monitor how much of the products sold actually get delivered without issue to its customers

Answer 20

Sales vs. Returns

Question 21

sales numbers as the “unexpected sales” value, while the invoice numbers are the “actual sales” value that will count towards the company’s profits

Answer 21

Sales vs. Invoice

Question 22

distribution companies deliver products from their warehouse to their clients

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Truck Utilization

Question 23

this metric will help maximize how each truck is used making sure that it is close to full capacity and have routes that will serve the most customers coming to and from the distribution center

Answer 23

Truck Utilization

Question 24

knowing the customer is one of the quickest ways to expand a business earning potential

Answer 24

Customer Segmentation

Question 25

this metric will enable the business to know which of their customers make up the bulk of sales

Answer 25

Customer Segmentation

Question 26

this metric will help them monitor applicants and how they get past each stage of hiring to figure out if new hiring practices should be relaxed or be more stringent

Answer 26

Hiring Rates

Question 27

measures the rate at which rooms are reserved in Hotels

Answer 27

Occupancy Rate

Question 28

it gives an idea of how effective the organization is by getting the number and kind of tickets and the average response time

Answer 28

Service Level Agreement

Question 29

a marketing campaign will have different ways to generate leads when trying to drum up interest on a product and/or brand awareness

Answer 29

Lead Summary