Chapter 12 Flashcards
What is Business analytics? (BA)
process of developing actionable decisions or recommendations for actions based n insights generated from historical data
What are the 3 basic roles that managers perform?
Interpersonal Roles
-Figurehead
-leader
-liaison
Informational Roles
-Monitor
-disseminator
-spokesperson
-analyzer
Decisional Roles
-entrepreneur
-disturbance handler
-resource allocator
-negotiator
What are the 3 major phases of Decision Making?
Intelligence Phase, Design Phase, and Choice Phase
What are the 2 dimensions of decisions?
Structure and Nature of the Decision
What are the 3 types of structure in decision making?
Structured, semi-structured, unstructured
The more structured the decision the easier it is to find a solution
What are the 3 types of natures for decisions?
Operational Control, Management control, strategic planning
What are the three targets for analytics?
Development of one or a few related analytics applications
Development for enterprise-wide analytics
support for organizational transformation
Describe the business analytics process
- Data management
- Descriptive, predictive, and prescriptive analytics
- Presentation Tools
- Asking the Next Question
What is Descriptive analytics?
summarizes what has happened in the past
Where are we today?
What are the BA tools that are commonly used with descriptive analytics?
Online Analytical Processing (OLAP)
Data mining
sensitivity analysis
goal-seek
what-if
What is Predictive analytics?
it looks at recent and historical data to predict future outcomes and trends
Where will we be tomorrow?
What are the BA tools that are commonly used with predictive analytics?
data mining
linear regression
What is Prescriptive analytics?
recommends one or more courses of action by identifying the most likely outcome from a decision
Where should we be tomorrow?
What are the BA tools that are commonly used with Prescriptive analytics?
optimization, simulation, and decision trees
