business analytics Flashcards
Business Analytics
Developing actionable decisions or recommendations for actions based on data
Examine data with with tools and techniques
Formulates descriptive, predictive, and
prescriptive models
Communicates results to decision makers
Business Intelligence (BI)
Applications, technologies, and processes
gathering, storing, accessing, and analyzing data
System that provides information for improving decision making
Three Basic Roles of Managers
Interpersonal Roles
Informational Roles
Decisional Roles
decisions
a choice among two or more alternatives that individuals and groups make
diverse and are made continuously
Efficiency
ratio between the inputs and outputs
performing or functioning in the best possible manner with the least waste of time and effort
Effectiveness
the degree to which something is successful in producing a desired result
Why Managers Need IT Support
The number of alternatives is constantly increasing
Most decisions are made under time constraints
Increased uncertainty requires sophisticated analyses
Group decision making required
Managerial decisions categories
Operational Control
Management Control
Strategic Planning
Operational Control
executing specific tasks efficiently and effectively
Management Control
acquiring and using resources efficiently in accomplishing organizational goals
Strategic Planning
the long-range goals and policies for growth and resource allocation
the Business Analytics process
- data management
- Analytics tools and techniques
- analytics models
- presentation tools
data management
external data
internal data
big data
everything that goes into the data warehouse
Analytics tools and techniques
multidimensional processing (DLAP)
Data mining
DSS
machine learnings
deep learning
statistical model
analytics models
descriptive analytics
predictive analytics
prescriptive analytics
presentation tools to present data
reports
dashboards
that capabilities of dashboards
drill down
critical success factors (CSFs)
key performance indicators
status access
trend analysis
exception reporting
drill down
checking the detail at several levels
can be done by a series of menus or by clicking on a drivable portion of the screen
critical success factors (CSFs)
the factors most critical to a company’s success
can be organizational, industrial, departmental, or individual workers
key performance indicators
the specific measures of (CSFs)
status access
the lates data available on KPI or some other metric
often in real time
trend analysis
short, medium, and long term trend of KPI or other metrics
these are projected using forecasting methods
exception reporting
reports highlight deviations larger than certain thresholds
reports may include only deviations
Online Transaction Processing (OLTP)
Anything that involves transaction processing
System collects data electronically and process the transactions online
OLTP systems
Backbone of all functional
supports decision making by providing raw information about transactions and status for an organization
Group decision support systems
multiple parties to participate in decision- making and improve outcomes
reporting systems
Integrate data from multiple sources
data mining systems
Process data using sophisticated statistical techniques
expert systems
knowledge of human experts in “if ___, then ___” form
