CHAPTER 1

Question 1

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

Answer 1

Business Intelligence

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

refers to the deeper, more advanced methods of analyzing data

Answer 2

Analytics

Question 3

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

Answer 3

Analytics

Question 4

Business analytics is primarily a decision-making tool. some common decisions include:

Answer 4

Pricing Decisions
Decisions to target consumer segments
Merchandising Decisions
Location Decisions

Question 5

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

Answer 5

Business Analytics

Question 6

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

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Metrics

Question 7

are the raw numerical data

Answer 7

Measures

Question 8

one of the most universal basic metrics. it simply shows the difference between actual sales numbers against the target figure.

Answer 8

Sales Vs. Targets

Question 9

used as a measure of sales over various periods of time

Answer 9

Current period sales vs. previous period sales

Question 10

when a product that has been sold is returned at an unsellable state. This metric will allow the company to monitor how much of the products sold actually get delivered without issue to its customers.

Answer 10

sales vs returns

Question 11

for large companies, the sales process is more than just the face-to face exchange of money and goods between two parties.

Answer 11

Sales vs. Invoice

Question 12

distribution companies deliver products from their warehouse to their clients

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Truck Utilization

Question 13

knowing the customer is one of the quickest ways to expand a business earning potential. This metric will enable the business to know which of their customers make up the bulk of sale

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Customer Segmentations

Question 14

hiring managers and staff are usually evaluated at the rate they are able to process applicants from initial interview to final contratsigning

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Hiring Rates

Question 15

Measures the rate at which rooms are reserved in hotels

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Occupancy Rate

Question 16

are used in IT support organization to keep track of support tickets and team utilization

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Service level agreement

Question 17

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

Answer 17

Lead Summary

Question 18

three types of analytics

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Descriptive Analytics
Predictive Analytics
Prescriptive Analytics

Question 19

the starting point of doing analytics for businesses. it uses data to understand the past and current business performance and make informed decisions

Answer 19

Descriptive Analytics

Question 20

Uses already-existing data from the enterprise. It collects and consolidates data and transforms them into meaningful information displayed as charts and tables to monitor performance

Answer 20

Descriptive Analytics

Question 21

answers the Question/Activity: “What has happened?”

Answer 21

Descriptive Analytics

Question 22

can be considered as the “next step”

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Diagnostic Analytics

Question 23

Analyzes past performance in an effort to predict the future by examining historical data

Answer 23

Predictive Analytics

Question 24

are used extensively for data exploration in prescriptive analytics.

Answer 24

Statistical Methods

Question 25

aims to answer the question “ what will happen? “

Answer 25

Predictive Analytics

Question 26

uses optimization to identify the best alternatives to minimize or maximize some objective

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Prescriptive Analytics

Question 27

aims to answer the question “ out of all these alternatives, what should we do?”

Answer 27

Prescriptive Analytics

Question 28

the biggest issue facing the use of business analytics in an enterprise

Answer 28

Adaption

Question 29

these measurable and quantifiable items are called

Answer 29

metrics