chapter 9 Flashcards
A discipline using mathematical models, statistics, and algorithms to optimize decision-making, improving efficiency, productivity, or profitability.
Operations Research (OR)
What are the three main analytical approaches in OR and analytics?
Visualization Tools.
Predictive Modeling
Optimization Models
How does Operations Research differ from Business Analytics (BA)?
OR focuses on optimizing operational processes through mathematical and algorithmic methods, while BA emphasizes data-driven decision-making for overall business strategies using historical and current data.
Show what happened in the past.
Visualization Tools
Suggest what should happen under certain conditions.
Optimization Models
Forecasts future trends.
Predictive Modeling
What impact has Business Analytics had on OR?
Broader problem scopes, integration of diverse analytical models, close collaboration in implementations, and a shift in professional roles and skills.
What are the main drivers of analytics in OR?
Data (more collection and storage capabilities)
Analytical software
Process orientation (business process redesign)
Technology-literate executives.
Name two companies acquired by IBM to strengthen analytics.
Cognos and SPSS.
The use of data analysis to inform decisions and strategy, focusing on historical and current trends.
Business Analytics (BA)
ERP stand for
Enterprise Resource Planning.
It focuses on redesigning business processes to increase performance and evaluate value-added activities.
process orientation
List four consistently requested technical skills in analytics-related jobs.
Modeling
Statistics
Programming
Spreadsheet and database skills.
OR
Operations Research.
Analytical models that determine the best solution under given constraints and conditions.
Optimization Models.
What does BI stand for in the context of analytics?
Business Intelligence.
Name two companies acquired to enter the analytics and BI market.
SAP acquired Business Objects.
Oracle acquired Hyperion.
SPSS stand for
Statistical Package for the Social Sciences.
Techniques used to forecast outcomes based on trends or certain conditions.
Predictive Modeling.
Fundamental changes in business processes to enhance performance through better design.
reengineering movement
Systems that organize business processes and provide data for evaluation.
ERP systems
What is the significance of visualization tools in analytics?
They present historical data to help decision-makers understand past events.
List the four drivers of analytics.
Data
Analytical software
Process orientation
People (technology-literate executives).
