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
