10 Questions
What are the challenges faced in the evolution of Business Analytics?
lack of understanding of how to use analytics, competing business priorities, insufficient analytical skills, difficulty in getting good data and sharing information, and not understanding the benefits versus perceived costs of analytics studies
What are some examples of Modern Business Analytic techniques?
Data mining, Simulation and risk analysis, Decision Support Systems (DSS), Visualization
What are the potential applications of analytics in retail, as per Example 1.1: Retail Markdown Decisions?
Descriptive analytics, Predictive analytics, Prescriptive analytics
What is the difference between data and information in the context of Business Analytics?
Data refers to numbers or textual data collected through measurement, while information is the result of analyzing data to extract meaning for evaluation and decision making.
What does 'Big Data' refer to in the context of Business Analytics?
massive amounts of business data (volume) from a wide variety of sources
What is the definition of business analytics?
Business analytics is the use of data, information technology, statistical analysis, quantitative methods, and mathematical or computer-based models to help managers gain improved insight about their business operations and make better, fact-based decisions.
Provide three examples of applications of business analytics.
Pricing, customer segmentation, and supply chain design.
In what areas can business analytics be applied in the healthcare industry?
Healthcare analytics can be applied in scheduling operating rooms to improve utilization, improving patient flow and waiting times, purchasing supplies, and predicting health risk factors.
What are some of the impacts of business analytics?
Reduced costs, better risk management, faster decisions, better productivity, and enhanced bottom-line performance such as profitability and customer satisfaction.
Name two industries where customer segmentation is an important application of business analytics.
Retail and credit card industries.
Test your understanding of the key concepts and applications introduced in Chapter 1 of 'Business Analytics: Methods, Models, and Decisions'. Explore topics like data analysis, quantitative methods, and decision-making processes in a business context.
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