session 8: business analytics

Question 1

manager’s job + decision making

Answer 1

interpersonal: figurehead, leader, liaison
informational: monitor, disseminator, spokesperson, analyzer
decisional: entrepreneur, disturbance handler, negotiator

Question 2

decision making process steps

Answer 2

intelligence phase : what is the pbl?
design phase: what are my options?
choice phase: pick an option + implementation

KNOW HOW TO DRAW THE GRAPH

Question 3

Decision making is difficult due to…

Answer 3

1) number of alternatives increasing
2) most decision must be made under time pressure
3) increased uncertainty in the decision environment => more complex decisions
4) often necessart to rapidly access remote info, consult with experts, conduct group decision making

Question 4

decision suppport framework

Answer 4

problem structure:
structured:highly organized in fixed fields in a data repository => must be define in terms of filed name and type (numeric, alphanumeric, currency)
unstructured: do not reside in traditional relational database
semi-structured: only some of the decision-process phases are structured

nature of the decision:
operation control: executing specific tasks efficiently and effectively
mgmt control: acquiring and using resources efficiently in accomplishing organizational goals
strategic planning: the long-range goals and policies for growth and ressource allocation

Question 5

decision matrix

Answer 5

LEARN IN SLIDES

Question 6

3 specifics analytical targets

Answer 6

1) the development of one or a few related analytics application
2) the development of infrastructure to support enterprise-wise analytics
3) support for organization performance

Question 7

Business Analytics def

Answer 7

process of developping actionable decisions or recommendations for actions based on insights generated from historical data

Question 8

BA tools

Answer 8

excel
multidimensionnal analysis (OLAP)
data mining
decision support-system
statistical procedures: descriptive stats, affinity analysis

Question 9

OLAP def

Answer 9

set of capabilities for “slicing and dicing” data using dimensions and measures associated with the data

Question 10

2 basic operations of data mining

Answer 10

1) identify previously unknown patterns => descriptive analysis
2) predicting trends + behaviours => predictive

Question 11

decision support systems

Answer 11

models = simplified representation or abstraction
enables to access data interactively manipulate data

Question 12

predictive analysis def

Answer 12

examines recent/historical data to detect patterns + predict future outcomes

Question 13

prescriptive analysis def

Answer 13

reccommend one or more course of action + identify the likely outcome of each decision

Question 14

descriptive analysis def

Answer 14

summarizes what has happened in the past

Question 15

tools of descriptive analysis

Answer 15

OLAP
data mining
decision support system

Question 16

3 analysis of decision support system

Answer 16

sensitivity analysis
what-if analysis
goal-seeking analysis

Question 17

sensitivity analysis def

Answer 17

examines how sensitive an output is to any changes in an input data many of which are based on the assessment of uncertain futures

Question 18

what-if analysis def

Answer 18

a model builder must make predication and assumptions is to any change in an input data, many of which are based on the assessment of uncertain futures

Question 19

goal-seeking analysis def

Answer 19

represents a backward solution approach
process involved in figuring out you rinput value based on an already known output value

Question 20

operational control decision def

Answer 20

involve executing specific taks efficiently and effectively

Question 21

management control decision def

Answer 21

involves decisions concerning acquiring and using resources efficiently in accomplishing organizational goals

Question 22

strategic planning decision def

Answer 22

involves decisions concerning the long-range goals and polciies for gwoth and resources allocation

Question 23

business analytics process

Answer 23

LEARN GRAPH 12.3

Question 24

affinity analysis def

Answer 24

a data mining app that discovers co-occurence relationships among activities performed by specific individuals or groups => used to perform market basket analysis => retailers seek to understand the purchase behaviour of customers