Business Analytics: Chapter 1 Introduction Quiz

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

Data mining, Simulation and risk analysis, Decision Support Systems (DSS), Visualization

Descriptive analytics, Predictive analytics, Prescriptive analytics

<p>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.</p> Signup and view all the answers

<p>massive amounts of business data (volume) from a wide variety of sources</p> Signup and view all the answers

<p>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.</p> Signup and view all the answers

<p>Pricing, customer segmentation, and supply chain design.</p> Signup and view all the answers

<p>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.</p> Signup and view all the answers

<p>Reduced costs, better risk management, faster decisions, better productivity, and enhanced bottom-line performance such as profitability and customer satisfaction.</p> Signup and view all the answers

<p>Retail and credit card industries.</p> Signup and view all the answers