Module 1 stars Flashcards
What are some fields business analytics apply to?*
+Marketing
+Human resource management
+Economics
+Finance
+Health
+Sports
+Politics
5
q
What are some reasons to extract information and knowledge from data?*
a
What are some reasons to extract information and knowledge from data?*
1.Improve bottom line
2.Enhance the customer experience
3.Develop better marketing strategies
- Deepen customer engagement
5.Enhance efficiency and reduce expenses
6.Identify emerging markets
7.Mitigate risk and fraud
What are the 3 ways business analytics are applied to marketing?*
1.Customer segmentation:+Analysis of customer data to group them into separate segments based on their behaviour, preferences and demographics
+This helps companies tailor their products, services and marketing campaigns
2.Sentiment analysis:+Data analytics are used to understand the sentiments of customers towards a brand or product
+Involves analysing social media and other types of feedback
3.Predictive analytics:+Using historical data to predict future trends, such as sales.
What are the 3 ways business analytics are applied to human resource management*
1.Talent analytics:+Analysing data to predict hiring success
+identify key characteristics of high performing employees
+streamline recruiting process
2.Employee turnover analysis:+Using data to identify patterns and factors leading to employee turnover
3.Performance analytics:+Analysis of data to understand employee performance
+Helps to identify areas for improvement
+Helps devise training programs
What are the 3 ways business analytics are applied to economics?*
1.Policy impact analysis:+Making use of data to analyse impact of economic policies
+To model the potential effects of proposed policies
2.Economic forecasting:+Analysis of economic indicators to forecast future economic conditions
3.Market research:+Analysis of data to understand market trends consumer behaviours and competitive landscapes
What are the 3 ways business analytics are applied to finance?*
1.Risk analytics:+The use of data to asses and manage financial risks
2.Investment analysis:+Analysis of financial data to identify investment opportunities or to asses the performance of existing investments
3.Fraud detection:+Use of data analytics to identify fraudulent or suspicious transactions
What are the 3 ways business analytics are applied to health*
1.Predictive analytics:+Use of data to predict disease outbreaks
+To predict patient readmission
+to predict progress of illness
2.Treatment efficiency analytics:+Analysis of data from clinical trails to asses the effectiveness of treatments
3.Health outcomes analysis:+Use of data to understand factors influencing health outcomes and to develop strategies for improving healthcare delivery
What are the 3 ways business analytics are applied to sports?*
1.Performance analytics:+Analysis of data to asses the performance of athletes or teams
+To aid in training strategies
+To predict outcomes of matches
2.Injury prevention:+Use of data to understand the risk factors for injuries
+And develop strategies for preventing injuries
3.Scouting and recruitment:+Analysis of performance data to identify athletes that are promising
What are the 3 ways that business analytics are applied to politics?*
1.Public opinion analysis:+Use of data from surveys or social media to understand public opinion on political issues or candidates
2.Campaign strategy analysis:+Use of data to inform political campaign strategies, such as identifying key demographics or geographical areas to understand their support.
3.Election forecasting:+Analysis of polling data to predict outcomes of elections
How does business analytics differ from data science?*
Business analytics:+Data analysis for business application
Data science:+Develop applications for end users
What are 3 different types of analytical techniques?*
1.Descriptive analytics:+What has happened?
2.Predictive analytics:+What could happen?
3.Prescriptive analytics:+What should we do?
What does turning data-driven recommendations into action require?*
+Thoughtful consideration and organisational commitment beyond developing descriptive and predictive analytical models
How is descriptive data generally collected(5 steps)?*
1.Gathered
2.Organised
3.Tabulated
4.visualised
5.summarised
What are 2 time related categories for types of data?*
1.Cross sectional data:+Collected by recording a characteristic of many subjects at the same point in time
+snapshots
2.Time series data:+Collected over several time periods on certain groups of people, specific events or objects
+Hourly, daily, weekly…annually
What is structured data?*
+Resides in a pre-defined row collum format
+Spreadsheet or database applications that Enter, store, query and analyse
+Numerical information that is objective and not open to interpretation
