Week 1 Intro to Decision making and Analytics

Question 1

What does ERD stand for?

Answer 1

Entity Relationship Diagram

Question 2

What tool do you use for Database design?

Answer 2

online ERD tools

Question 3

What tool do you use for Data Visualization?

Answer 3

Tableau

Question 4

What has caused an increasing demand of data analytics?

Answer 4

web 3.0
since 2010 social media made everyone a data administrator

Question 5

What is the definition of Business analytics (BA)?

Answer 5

a set of disciplines and technologies for solving business problems using:
-data analysis
-statistical models
-other quantitative methods

Question 6

What are the potential business problems?

Answer 6

-Production of products and services (Add value!)
-Division of labour, dealing with complexity
-Collaboration of individuals to achieve a greater goal
-Governance and control
-Efficient allocation of resources (input / output)
-Effectiveness (Do the right things > value/quality)
-Efficiency (Do the things right > cost)
-Make a profit!

Question 7

What is involved with Data analysis?

Answer 7

-planning
-data processing
-modeling
-follow up

Question 8

What are examples of statistical models?

Answer 8

-regression model
-line graph

Question 9

What are examples of quantitative methods?

Answer 9

-SQL
-Tableau
-Excel

Question 10

What are the 3 levels of Business Analytics?

Answer 10

-descriptive
-predictive
-prescriptive

Question 11

What is descriptive analytics?

Answer 11

reporting analytics that is retrospective of historic data

Question 12

What question does descriptive analytics answer?

Answer 12

what happened?

Question 13

What are the 3 enablers of descriptive analytics?

Answer 13

-descriptive statistics
-data warehouse
-data visualization

Question 14

What is predictive analytics?

Answer 14

looking at past data to predict the future

Question 15

What are predictive analytics enablers?

Answer 15

-forecasting
-data mining
-text mining/ web mining

Question 16

What is prescriptive anlaytics?

Answer 16

uses both descriptive and predictive to create the alternatives,
and then determines the best one

Question 17

What are prescriptive analytics enablers?

Answer 17

-optimization
-simulation
-multi-criteria decision modelling
-programming

Question 18

What are the 5 fundamental components of an information system (IS)?

Answer 18

1. Computer hardware
2. Software
3. Data
4. Procedures
5. People

Question 19

How does IS differ from Information Technology (IT)?

Answer 19

IT only includes raw tech such as:
-hardware
-software
-data
hence, IT+people+procedures= IS

Question 20

What is involved in the scientific approach to managerial decision making?

Answer 20

-development of a (mathematical) model of a real-world scenario
-model provides insight into the solution of the managerial problem
-decision-making process is not affected by personal bias etc
-commonly referred to as quantitative analysis, management science, or operations
research

Question 21

What are the steps involved in modelling?

Answer 21

1. formulation
2. solution
3. interpretation and sensitivity analysis

Question 22

What does data analytics mean?

Answer 22

-“the process of inspecting, cleaning,
transforming and modelling data for
business decision making”
- May be viewed as a low-level Data
Science