Finals M2

Question 1

Analytics is not an Integral Part of the Decision-Making Ecosystem

Answer 1

False

Question 2

Analytics as an Integral Part of the Decision-Making Ecosystem

Answer 2

True

Question 3

Critical key components for a successful analytics solution:

D
I
A
H

Answer 3

Data collection
Integration with multiple data sources
Ability to create and manage single source of truth (unique identifiers)
Hardware sizing, performance considerations, and scalability

Question 4

Provides information about the past state or performance of a business and its environment.

Answer 4

Descriptive Analytics

Question 5

Provides regular reports for events that already happened and ad hoc reports to help examine facts about what happened, where, how often, and with how many.

Answer 5

Descriptive Analytics

Question 6

Helps predict (based on data and statistical techniques) with confidence what will happen next so that you can make well-informed decisions and improve business outcomes.

Answer 6

Predictive Analytics

Question 7

Uses simulation models to suggest what could happen.

Answer 7

Predictive Analytics

Question 8

Recommends high-value alternative actions or decisions given a complex set of targets, limits, and choices.

Answer 8

Prescriptive Analysis

Question 9

Predicts future outcomes and suggests courses of actions to take so that you can benefit from those predictions.

Answer 9

Prescriptive Analysis

Question 10

Two Fundamental Approaches to Finding Business Opportunities

Answer 10

Outside-In Thinking
Inside-Out Thinking

Question 11

Keeping tabs on what others in your industry are doing

Answer 11

Outside-In Thinking

Question 12

Keeping a systematic inventory of the key business processes

Answer 12

Inside-Out Thinking

Question 13

What makes the business tick?

Where does the next breakthrough await?

Answer 13

Outside-In Thinking

Question 14

How are key decisions made within?
What are the key business decisions?
How can they be made more process-oriented?

Answer 14

Inside-out Thinking

Question 15

Increase market share (customer acquisition)
Increase customer intimacy
Increase customer satisfaction and retention
Increase customer wallet share growth
Increase customer profitability
Increase traffic and conversion.
Increase employee productivity and performance.
Reduce cost.

Answer 15

Most Common Business Challenges

Question 16

Analytics Solution Life Cycle

DASI

Answer 16

Define -> Assess -> Select -> Implement

Question 17

the sum total of a series of individual attributes and behaviors that get repeated over time. People in an analytical culture demonstrate a set of common attributes

Answer 17

Analytical Culture

Question 18

Analytics Framework Pillars

B
D
A
I
E
D
I

Answer 18

Business challenges
Data foundation
Analytics implementation
Insight
Execution and measurement
Distributed knowledge
Innovation

Question 19

Align business analytics initiatives to the most pressing business problems your organization needs to address.

Answer 19

Business challenges

Question 20

The ___________ that will support the business analytics process must be strong in terms of reliability, validity, and governance.

Answer 20

Data foundation

Question 21

Ensuring that business analytics solutions are developed and provided to the enterprise with the end goals in mind is crucial for success.

Answer 21

Analytics implementation

Question 22

Business analytics must transform data from information into intelligence and insight for the organization.

Answer 22

Insight

Question 23

Business analytics must be put to work and must lead to organizational action, as well as provide guidance on how to track the results of the actions taken.

Answer 23

Execution and measurement

Question 24

Business analytics must be communicated in an effective and efficient manner, as well as made available to as broad a group of stakeholders as is appropriate.

Answer 24

Distributed knowledge

Question 25

Business analytics must be relentlessly innovative, both in analytical approach and in how it affects the organization, by developing solutions that will “wow” customers

Answer 25

Innovation

Question 26

Two elements are extremely important to a successful analytics implementation strategy

Answer 26

focus and commitment

Question 27

Business Analytics Implementation Factors

DFE

Answer 27

Drivers
Facilitators
Enablers

Question 28

Business Analytics Implementation Factors - Drivers

S
MM
CM

Answer 28

Strategy
Metrics and Measurement
Change Management

Question 29

Translate the business challenges into operational measures that can be monitored over time

Answer 29

Metrics and Measurement

Question 30

Business Analytics Implementation Factors - Facilitators

Answer 30

Integrated Processes

Question 31

Aims to optimize the overall success of the analytics initiatives and ultimately deliver for the organization, with the highest impact at the lowest cost.

Answer 31

Integrated Processes

Question 32

Business Analytics Implementation Factors - Enablers

Answer 32

Human Capital Skills Needed

Question 33

What is DELTA Model

Answer 33

accessible high quality Data
enterprise orientation
analytical Leadership
long term strategic Target
a carde of Analysis

Question 34

Lack of support
Lack of internal customer experience
Lack of executive sponsorship
Lack of analytics leadership.
Lack of collaboration across organizational groups
Lack of integrated processes
Lack of skilled and focused human capital
Lack of measurement or metrics to track outcomes

Answer 34

Main reasons companies failed to make forward progress

Question 35

KPIs

Answer 35

key performance indicators