Podcast
Questions and Answers
What is the primary role of business analysis and technology in modern businesses?
What is the primary role of business analysis and technology in modern businesses?
- Improving understanding, decisions, and systems through technology and analysis. (correct)
- Reducing the need for human decision-making.
- Maintaining the status quo of internal operations.
- Focusing solely on cost reduction.
Analysis primarily hinders the development of new technology by overcomplicating decision-making processes.
Analysis primarily hinders the development of new technology by overcomplicating decision-making processes.
False (B)
Name the three interconnected elements that form the core of business analysis and technology.
Name the three interconnected elements that form the core of business analysis and technology.
Business, Analysis, and Technology
Businesses use ______ to help identify the best path forward in the face of internal and external risks.
Businesses use ______ to help identify the best path forward in the face of internal and external risks.
Match the type of analysis with its primary focus:
Match the type of analysis with its primary focus:
Why is raw data considered not inherently useful to businesses?
Why is raw data considered not inherently useful to businesses?
Predictive analysis focuses solely on finding the correct answer rather than understanding the problem.
Predictive analysis focuses solely on finding the correct answer rather than understanding the problem.
What is the role of descriptive analysis in transforming data into information?
What is the role of descriptive analysis in transforming data into information?
Transforming information into ______ involves using it to make informed decisions and take action.
Transforming information into ______ involves using it to make informed decisions and take action.
Match the following companies with the group that describes their Fortune 500 status:
Match the following companies with the group that describes their Fortune 500 status:
What did the examples of companies in different Fortune 500 status groups illustrate about technology?
What did the examples of companies in different Fortune 500 status groups illustrate about technology?
According to Clayton Christensen, sustaining technology always targets new markets and creates entirely new customer bases.
According to Clayton Christensen, sustaining technology always targets new markets and creates entirely new customer bases.
According to Clayton Christensen, what is the focus of sustaining technology?
According to Clayton Christensen, what is the focus of sustaining technology?
Unlike sustaining technology, ______ technology often underperforms initially but targets a new market.
Unlike sustaining technology, ______ technology often underperforms initially but targets a new market.
Match the following technologies with their classification:
Match the following technologies with their classification:
Why was the Apple 1 considered a disruptive technology?
Why was the Apple 1 considered a disruptive technology?
Big data requires the same infrastructure, tools, and skills as standard data to extract information and create knowledge.
Big data requires the same infrastructure, tools, and skills as standard data to extract information and create knowledge.
What are the three original 'V's commonly used to define big data?
What are the three original 'V's commonly used to define big data?
IBM added ______ as a fourth 'V' to the definition of big data, emphasizing data quality.
IBM added ______ as a fourth 'V' to the definition of big data, emphasizing data quality.
Match the concept with the best description:
Match the concept with the best description:
Which of the following best describes the purpose of analysis?
Which of the following best describes the purpose of analysis?
Decision support analysis is primarily focused on finding the 'correct' answer to a problem.
Decision support analysis is primarily focused on finding the 'correct' answer to a problem.
What benefits does new technology bring to existing businesses?
What benefits does new technology bring to existing businesses?
Multi-Criteria Decision Analysis (MCDA) is an example of a ______ support tool.
Multi-Criteria Decision Analysis (MCDA) is an example of a ______ support tool.
Match the term with its appropriate description:
Match the term with its appropriate description:
What is essential for businesses to maintain and grow their competitive edge?
What is essential for businesses to maintain and grow their competitive edge?
The three elements of business, analysis, and technology are independent and do not support each other.
The three elements of business, analysis, and technology are independent and do not support each other.
What does a business rely on to help them identify the best path forward?
What does a business rely on to help them identify the best path forward?
[Blank] offers improved performance for the same customers.
[Blank] offers improved performance for the same customers.
Match the following companies with what they manufactured:
Match the following companies with what they manufactured:
What does Christensen mean when he talks about disruptive technology?
What does Christensen mean when he talks about disruptive technology?
The first automobiles were a disruptive technology.
The first automobiles were a disruptive technology.
What are the four 'V's used to define big data?
What are the four 'V's used to define big data?
The first automobiles were a ______ technology, but later Henry Ford's Model T was considered disruptive.
The first automobiles were a ______ technology, but later Henry Ford's Model T was considered disruptive.
Match the analysis with its function:
Match the analysis with its function:
Flashcards
Business Analysis and Technology
Business Analysis and Technology
Helping organizations improve understanding, decisions, and systems through innovative technology and analytical techniques.
Business
Business
Maintaining and growing its internal operations by driving new tech development.
Analysis
Analysis
Informing business decisions, identifying paths forward.
Technology
Technology
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Analysis
Analysis
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Business Analysis
Business Analysis
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Descriptive Analysis
Descriptive Analysis
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Predictive Analysis
Predictive Analysis
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Decision Support
Decision Support
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Sustaining Technology
Sustaining Technology
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Disruptive Technology
Disruptive Technology
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Automobiles
Automobiles
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Big Data
Big Data
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Study Notes
- Business analysis and technology aids organizations and decision-makers in enhancing their understanding, decisions, and systems.
- This is achieved through innovative technology and advanced analytical techniques.
- Business analysis and technology is crucial for businesses to sustain and improve their competitive advantage.
- The three supporting elements are business, analysis, and technology.
- Businesses focus on maintaining/growing their internal operations, and develop new technology to support internal processes and deliver value/services to customers.
- Businesses rely on analysis to navigate internal/external risks and inform decision-making in the face of uncertainty.
- Analysis drives technology development, using tools to collect, identify, and utilize large datasets.
- Technology underpins business activities, creates opportunities for new businesses, and bolsters data collection and analysis.
- Analytical tools and techniques will be taught over the next 11 weeks, and how to apply them within the business analysis and technology context.
Understanding Analysis
- Analysis extracts value from data.
- Business analysis supports businesses in problem-solving and decision-making using data-based evidence.
- Raw data is transformed into useful information for decision-makers, such as tables or visualizations.
- This information is further transformed into knowledge when acted upon to make informed decisions.
Types of Analysis: Descriptive Analysis
- Descriptive analysis creates summaries like tables, graphs, or visualizations to quickly understand data.
- It examines single variables or the relationships between multiple variables.
- Descriptive analysis transforms data into information, making it more useful for decision-makers.
Types of Analysis: Predictive Analysis
- Predictive analysis forecasts future outcomes based on past knowledge.
- An everyday example is checking the weather forecast.
- Examples of predictive analysis include forecasting market responses to product launches.
Types of Analysis: Decision Support
- Decision support focuses on understanding a problem rather than finding a single correct answer.
- Multi-criteria decision analysis (MCDA) is a decision support tool.
- MCDA assists decision-makers in understanding the trade-offs inherent in making a decision.
Technology Advances
- Technology presents both challenges and opportunities for businesses.
- Group A (Studebaker, Detroit Steel, Pullman, Firestone, RCA, Singer): Fortune 500 companies in 1955 but not in 2018.
- Group B (General Motors, IBM, CBS): Fortune 500 companies in both 1955 and 2018.
- Group C (Facebook, eBay, Netflix, Amazon): Fortune 500 companies in 2018, but did not exist in 1955.
Sustaining vs Disruptive Technology
- Clayton Christensen discusses sustaining and disruptive technology in "The Innovator's Dilemma."
- Sustaining technology improves performance for existing customers.
- Sustaining technology often involves better service or added features at a premium.
- Sustaining technology focuses on improving existing products in the eyes of current customers.
- Disruptive technology underperforms relative to market leaders but offers lower prices or better convenience.
- Disruptive technology targets and creates new markets.
- The Apple 1 created a market for personal computers by offering convenience.
Technology Examples
- Early automobiles were a sustaining technology, replacing horse-drawn carriages for the wealthy.
- Henry Ford's Model T was a disruptive technology, creating a mass-produced automobile available to the middle class.
Big Data
- Technology facilitates constant data recording, leading to the advent of big data.
- Big data is characterized by its volume (massive size), velocity (high-speed collection), and variety (images, videos, sound recordings).
- IBM added veracity- the quality of the data
- Big data requires new infrastructure, tools, and skills to extract information and create knowledge.
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