Introduction to Business Analytics Flashcards
It is the scientific process of transforming data into insights for making decisions. It is used for data driven fact -based decision making which is often seen as more objective than other alternatives for decision making.
Business Analytics
The tools of business analytics can aid in decision making by?
Creating insights from data.
Improving our ability to more accurately forecasts for planning.
Helping us quantify risk.
Yielding better alternatives through analysis and optimization.
It is the process of collating, sorting, processing, and studying business data, and using statistical models and iterative methodologies to transform data into business insights. It uses 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
Business Analytics
It “is the study of analysis”. It is sometimes abbreviated to” Data Analytics” is an important tool for gaining business insights and providing tailored response to customers.
Analytics
It refers to the process of examining data sets in order to draw conclusions about the information they contain increasingly with the aid of specialized systems and software.
Data Analytics
These are widely used in commercial industries to enable organizations to make more informed decisions and researchers to verify or disprove models, theories and hypotheses.
Data Analytics Technologies and Techniques
It focuses on processes, techniques and functions
Used to solve business problems and bring out positive change
Skills required: analysis, modeling, documentation
Performed by business Analyst, system analyst, and functional analyst.
Areas of Impact: organization, enterprise, process, business and technology
Business Analysis
It focuses on data and statistical analysis
Used to predict future states and drive business decisions
Skills required : statistics, advanced mathematics, and software programing
Performed by Data analyst
Areas of impact: business decisions, big data, data driven solutions and forecasting
Business Analytics
It represents opportunities; it also presents analytical challenges from a processing point of view and consequently has itself led to an increase in the use of analytics. Also it is simply a set of data that cannot be managed, processed or analyzed with commonly available software in a reasonable amount of time.
Big Data
These are tools, access and analyzes data sets and presents analytical findings in reports, summaries, dashboards, graphs, and maps to provide users with detailed intelligence about the state of the business.
Business Intelligence (BI)
It refers to buying insurance from an insurer and buying inventory from a supplier.
Business Transaction
It is closely tied to commercial effectiveness, is determined by the ability of a company to implement optimal organization with the aim of offering a product or service that meets the expectations of consumers and customers.
Business Performance Reporting
It is the process of ensuring that a set of activities and outputs meets an organization’s goals in an effective and efficient manner.
Performance Management
It refers to the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal is to identify and assess how changing elements of the marketing mix impacts customer behavior.
Marketing Research
It encompasses the set of techniques that describes what has happen in the past.
Descriptive Analytic
It is where descriptive reports, descriptive statistics, data visualization, including data dash boards, some data mining techniques, and basic what-if spreadsheet models. It is a request for information with certain characteristics from a data base.
Data Queries
It consists of techniques that use models constructed from past data to predict the future to ascertain the impact of one variable on another.
Predictive Analytics
It is the techniques to finds patterns or relationship among elements of the data in a large data base. It is often used to predict analytics.
Data Mining
It involves the use of probability and statistics to construct a computer model to study the impact of uncertainty on a decision.
Simulation
It refers to a collections of tables, charts, maps and summary statistics that are up dated as new data become available; are used to help management monitor specific aspect of company’s performance related to their decision making responsibilities
Data Dashboards
It differs from descriptive or predictive analytics, It indicates a best course of action to take: that is, the output of a prescriptive model is a best decision.
Prescriptive Analytics
Predictive and prescriptive analytic are sometimes referred to as?
Advanced Analytic
Human mind can process visual images such as charts much faster that it can interpret rows of numbers. Human mind has certain limitations in its ability to interpret visual images and that some images are better at conveying information than other.
Data Visualizations
It refers to data visualization tool that illustrates multiple metrics and automatically updates these metrics as new data become available. It is like an automobiles dashboards instrumentation that provides information on the vehicle’s current speed, fuel level and engine temperature so that driver can assess the current operating conditions and take effective actions.
Data Dashboards
It is used to explore increasingly large databases and to improve market segmentation. By analyzing the relationships between parameters such as customer age, gender, tastes, etc., it is possible to guess their behavior in order to direct personalized loyalty campaigns. (Data Collection ; Data Cleansing ; Data Analysis ; Data Interpretation)
Data Mining
Its function is charged with ensuring that the organizations has the mix of skills necessary to meet its needs is hiring the highest quality talent providing an environment that retains it ; and achieves its organizational diversity goals
Human Resource (HR) Analytics
It is one of the fastest growing areas for the application of analytics. A better understanding of consumer behavior through the use of scanner data generated from the social media has led to an increased interest of marketing analytics.
Marketing Analytics
It increases because of pressure to simultaneously control cost and provide more effective treatment. Descriptive, Predictive, and Prescriptive analytics are used to improved patient, staff, and facility scheduling: patient flow, purchasing, and inventory control.
Health Care Analytics
It uses analytics to drive out inefficiencies and increase the effectiveness and accountability of the programs. The used of analytics in government is becoming pervasive in everything from elections to tax collections.
Analytics for Government and Nonprofits
The use of analytic for player evaluation and on-field strategy is now common, especially in professional sports.
Sports Analytics
