Week 1

Question 1

Predictive Analytics

Answer 1

What it is: Guessing what might happen next using old data.
Question it answers: What might happen in our business in the future?
Quick Fact: It’s like a weather forecast for your business.

Question 2

Descriptive Analytics

Answer 2

What it is: Looking at old data to see what happened.
Question it answers: What happened in our business in the past?
Quick Fact: It’s like a history book for your business data.

Question 3

Prescriptive Analytics

Answer 3

What it is: Suggesting what you should do next.
Question it answers: What should we do in our business to do better?
Quick Fact: It’s like getting directions from a GPS for your business decisions.

Question 4

Diagnostic analytics

Answer 4

What it is: Figuring out why something happened.
Question it answers: Why did this happen in our business?
Quick Fact: It’s like being a detective looking at clues in your business data.

Question 5

Operational Decision-Making

Answer 5

Level: Low-level, short-term decisions.
Explanation: This concerns the day-to-day operations of the company. It’s about the here and now, keeping things running smoothly.
Example: Scheduling employee shifts for the week.

Question 6

Tactical Decision-Making

Answer 6

Level: Mid-level, medium-term decisions.
Explanation: This focuses on how to implement the strategies set by top management. It’s about the steps needed to get to the big goals.
Example: Creating a marketing campaign to support a new product launch.

Question 7

Strategic Decision-Making

Answer 7

Level: High-level, long-term decisions.
Explanation: This involves setting major goals, policies, and plans for the entire organization. It’s about the big picture and the long road ahead.
Example: Deciding to expand the company into a new international market.