data-driven decisions Flashcards
1
Q
business analytics
A
about discovery, interpretation, and communication of meaningful patterns in data
2
Q
BA helps
A
- competitive advantage
- resource allocation
- efficient asset usage
- insight into what product should be offered
- minimise business and financial risk
- inform future decisions
3
Q
main purpose of BA
A
- analyse data
- find patterns and trends
- communicate them with stakeholders
- develop strategies to achieve expectations of stakeholders
4
Q
expectations of stakeholders
A
- employees - better working environment
- consumers - better products
- company - profit and competitive advantage
- government - compliance
5
Q
BA provides insight into pressures eg
A
- low workers satisfaction
- issues in society
- suppliers and consumers leaving the company
6
Q
data can be compared..
A
against benchmarks to determine standing among competitors
7
Q
analytics provides
A
- reasons and justifications for issues
- enables informed decision of strategies to minimise pressures and align operations with expectations of stakeholders
8
Q
types of data analysis
A
- descriptive
- diagnostics
- predictive
- prescriptive
9
Q
descriptive
A
- using historical data to provide insight
- answers ‘what happened’
10
Q
descriptive disadvantages
A
- lack of prediction
- data distortion
- timeliness
10
Q
descriptive characteristics
A
- easy to execute
- explains variance/identifies trends in data
- applies historical data to measure performance and take corrective actions
- stepping stone to more sophisticated analytical techniques
- hypothesis generation
10
Q
descriptive advantages
A
- simplicity
- foundation for hypothesis generation
- benchmarking
- widely accepted
- ease of access to data
10
Q
diagnostic
A
- determines cause of deviations for failures within a process
- answers ‘why did it happen’
11
Q
diagnostic in business management
A
- improve business processes
- enhance customer satisfaction
- manage operational risk
12
Q
diagnostic in marketing
A
- understanding consumer behaviour
- effectiveness of marketing campaigns
- strategies for improvement
