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MKTG 317 > Ch. 12 Business Analytics > Flashcards

Ch. 12 Business Analytics Flashcards

1
Q

What is Business Analytics

A

Business analytics (BA)
* Developing actionable decisions or recommendations
* Examines data, formulates analytical models, communicates to decision makers

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2
Q

What is Business Intelligence

A

Applications, technologies, and processes for gathering, storing, accessing, and
analyzing data
* Help business users make better decisions

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3
Q

What are the inputs and output in mgt.

A

resources- people, money, materials, and information are inputs
the org. goals - output

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4
Q

The ratio bet. inputs and output is?

A

Productivity

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5
Q

3 Basic roles for Managers

A
  • Interpersonal
  • Informational
  • Decisional
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6
Q

Decsion Making is a what process?

A

Systematic Process

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7
Q

Why do managers need IT

A

-Number of alternatives is constantly increasing
* Most decisions must be made under time pressure
* Increased uncertainty in the decision environment, making decisions more
complex
* Often necessary to rapidly access remote information, consult with experts, or
conduct a group decision-making session

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8
Q

Framework for computerised Decsion making

A
  • Problem Structure; ranging from highly structured(repetitive problems) , semi, to highly unstructured.
  • The Nature of Decisions; operational ,magt.
    and strategic planning
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9
Q

Which of the decisions doesn’t use the 3 phases of decision process(intelligence, design and choice)?

A

Unstructured

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10
Q

What is a Decision Matrix

A

where all types of problem structures with the categories of nature of decision is combined consisting of NINE CELLS.

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11
Q

The cells and their users

A

Lower level managers use 1,2,4
Middle managers &prof. staff use 3,5,7
Senior Executive use 6,8,9

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12
Q

Three specific analytics targets that represent different levels of enterprise-side change

A

-The development of one or a few related analytics applications
* The development of infrastructure to support enterprise-wide analytics
* Support for organizational transformation

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13
Q

What are the BA Process

A
  • Define the business problem
  • Consider the data(Streams i.e POS, Clickstream, social media, sensor) then these streams together with org. databases comprise big data- tranform to ETL
  • Types of analytical applications
  • Presentation tools
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14
Q

What is the heart of the Analytics process

A

Big data

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15
Q

BA Tools

A
  • Excel
  • Multidimensional analysis (also called OLAP)
  • Data mining
  • Decision-support systems
  • Statistical procedures: descriptive statistics; affinity analysis; liner,
    multiple and logistic regression; and others
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16
Q

Which business analytics tool incorporates the functionality of many other tools and is most commonly used?

A

Excel

17
Q

Steps in Data Reduction

A

-Descriptive Analysis; what happened in the past
BA tools in descriptive analytics:
* Online analytical processing (OLAP) (i.e., multidimensional analysis)-slicing and dicing
* Data mining
* Decision-support systems
* Sensitivity analysis
* What-if analysis
* Goal-Seeking analysis
Predictive Analysis; examine recent and past data to predict the future outcomes.
-Examples of fields where data mining (predictive analytics) applications are used:
* Retailing and sales, banking
* Manufacturing and production
* Insurance, police work
* Health care
* Marketing, politics
* Weather, social good
Prescriptive Analysis; attempts to quantify the effect of future decisions in order to advise on possible outcomes before the decisions are actually made.
- BA tools in prescriptive analytics:
* Statistical procedures include:
* optimization
* simulation
* decision trees

18
Q

Data Reduction

A

conversion of raw data into smaller amt. of useful info.

19
Q

What is a backward solution approach

A

Goal seeking analysis

20
Q

The purpose of Predictive Analytics is to tell decision makers what will happen in the future

A

No, it can only forecast what MIGHT happen in the future based on probability.

21
Q

2 basic operations data mining can perform,

A

Identify previous patterns
predicting trends and behaviors

22
Q

Augmented Analytics

A

is a rapidly emerging type of analytics that integrates artificial intelligence (AI) and machine learning (ML) into the traditional analytics process

23
Q

Presentation Tools

A
  • Dashboard; provides easy access and timely info. Capabilities; drill down, critical success factors, key performance indicators, status access, trend analysis, exception reporting.
  • Geographic Information Systems; computer-based system, capturing, integrating, manipulating, and displaying data using digitized maps
24
Q

Prescriptive data requires just predictive analytics

A

No, also with actionable data and a feedback system that tracks the outcome produced by the action taken

MKTG 317 (12 decks)

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