Podcast
Questions and Answers
Which of the following best describes the primary goal of analytics in a business context?
Which of the following best describes the primary goal of analytics in a business context?
- Implementing new technologies without considering their impact on business performance.
- Using quantitative methods to understand past trends and predict future outcomes for improved decision-making. (correct)
- Collecting vast amounts of data without a specific purpose.
- Relying solely on intuition to make business decisions.
How does datafication contribute to the field of business analytics?
How does datafication contribute to the field of business analytics?
- It decreases the amount of data available, making analysis simpler.
- It limits the scope of business analytics to only personal data.
- It ensures that all data is perfectly accurate and requires no cleaning.
- It increases the volume of available data, providing more opportunities for insights through analytics. (correct)
In the context of business analytics, what does 'diagnosing the past' typically involve?
In the context of business analytics, what does 'diagnosing the past' typically involve?
- Relying exclusively on qualitative opinions without statistical analysis.
- Using quantitative methods to understand what has happened and why. (correct)
- Modifying past data to align with current business goals.
- Ignoring historical data to focus on future projections.
Which of the following is a direct result of datafication in today's business environment?
Which of the following is a direct result of datafication in today's business environment?
If a company wants to predict future sales trends based on historical data, which approach aligns with the principles of business analytics?
If a company wants to predict future sales trends based on historical data, which approach aligns with the principles of business analytics?
Which of the following scenarios exemplifies data collection for analytics purposes?
Which of the following scenarios exemplifies data collection for analytics purposes?
In the analytics lifecycle, what is the primary responsibility of a business manager?
In the analytics lifecycle, what is the primary responsibility of a business manager?
Which of the following tasks is typically performed by a data analyst in the analytics lifecycle?
Which of the following tasks is typically performed by a data analyst in the analytics lifecycle?
A data miner is MOST likely to be involved in which of the following activities?
A data miner is MOST likely to be involved in which of the following activities?
Which of the following roles is primarily responsible for ensuring data quality and accessibility?
Which of the following roles is primarily responsible for ensuring data quality and accessibility?
Which of the following analytical techniques is BEST suited for predicting future sales based on historical data?
Which of the following analytical techniques is BEST suited for predicting future sales based on historical data?
A retail company wants to identify distinct customer groups based on purchasing behavior. Which analytics application is MOST appropriate?
A retail company wants to identify distinct customer groups based on purchasing behavior. Which analytics application is MOST appropriate?
Which software tool is specifically designed for data cleaning?
Which software tool is specifically designed for data cleaning?
A company aims to optimize its supply chain logistics. Which software tool would be MOST suitable for this purpose?
A company aims to optimize its supply chain logistics. Which software tool would be MOST suitable for this purpose?
What is the primary goal of data analysis in a business context?
What is the primary goal of data analysis in a business context?
Which of the following best describes the primary goal of business intelligence (BI)?
Which of the following best describes the primary goal of business intelligence (BI)?
In the context of business analytics, what does 'data preparation' primarily involve?
In the context of business analytics, what does 'data preparation' primarily involve?
Which type of analytics focuses on understanding past performance and answering the question of 'what happened'?
Which type of analytics focuses on understanding past performance and answering the question of 'what happened'?
What distinguishes 'visual analysis' from standard 'data visualization' in the business analytics process?
What distinguishes 'visual analysis' from standard 'data visualization' in the business analytics process?
Which of the following is NOT a typical component of Business Intelligence (BI)?
Which of the following is NOT a typical component of Business Intelligence (BI)?
What is the purpose of performance metrics and benchmarking within the business analytics process?
What is the purpose of performance metrics and benchmarking within the business analytics process?
Which of these tasks is most closely associated with the 'Querying' stage in the business analytics process?
Which of these tasks is most closely associated with the 'Querying' stage in the business analytics process?
How does 'statistical analysis' build upon 'descriptive analytics' in the business analytics process?
How does 'statistical analysis' build upon 'descriptive analytics' in the business analytics process?
Flashcards
Analytics
Analytics
The process of developing insights and understanding business performance based on data and statistical methods.
Analytics (in Business)
Analytics (in Business)
Using quantitative methods to analyze past data, predict future trends, and improve business decisions.
Datafication
Datafication
The increasing trend of tracking and storing data on every aspect of our lives, which analytics turns to useful insights.
Datafication Example 1
Datafication Example 1
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Datafication Example 2
Datafication Example 2
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Business analytics
Business analytics
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Business Intelligence (BI)
Business Intelligence (BI)
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Data preparation
Data preparation
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Data mining
Data mining
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Reporting
Reporting
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Descriptive analytics
Descriptive analytics
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Data visualization
Data visualization
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Performance metrics and benchmarking
Performance metrics and benchmarking
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Data Analysis Definition
Data Analysis Definition
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Recorded Information
Recorded Information
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Business Manager Role
Business Manager Role
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Data Analyst Role
Data Analyst Role
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Data Miner Role
Data Miner Role
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IT Systems/Management Role
IT Systems/Management Role
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Domain Expert Role
Domain Expert Role
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Careers in Business Analytics
Careers in Business Analytics
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Data Management Tools
Data Management Tools
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Data Mining Tools
Data Mining Tools
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Study Notes
- The presentation is about an introduction to business analytics
What is Analytics
- Focuses on developing new insights and understanding business performance using data and statistical methods
- Uses quantitative methods to diagnose the past, predict the future, and improve business decision making
Datafication
- Data on every aspect of life is now tracked and stored
- Analytics transforms this data into insights
- Examples include recording conversations on phones, emails, social media, business daily activity are recorded, tracking activities on the internet, collecting data from smartphones, CCTV, cars, and wearable devices
Analytics Applications
- Customer Acquisition
- Cross-sell/Up-sell
- Retention/Attrition
- Credit Risk
- Customer segmentation
- Market Basket Analysis
- Fraud Detection
- Social Network Analysis
- Forecasting and Optimization
Key Players in Analytics Lifecycle
- Business manager, they are domain experts who makes decisions and evaluates processes and ROI
- Data Analyst, they do data Visualization, data exploration, and data analysis
- IT Systems/Management, responsible for data Preparation, model Validation and deployment
- Data Miner, is a descriptive Segmentation, Predictive Modeling, Forecasting Analysis
Careers in Business Analytics
- Database Developer
- Report Developer
- Data Engineer
- Data warehouse developer
- Junior Data Analyst
- Junior Business Analyst
- Site Analyst
- Risk Analyst
- Financial Analyst
- Supply Chain Analyst
- Human resource analyst
- Accounting Data Analyst
- The 25 Hottest Skills of 2014 on LinkedIn include statistical analysis and data mining, Middleware and Integration Software, Storage Systems and Management, Network and Information Security, SEO/SEM Marketing
- A critical shortage of Data Scientists is predicted by 2018, demand in the United States for the skills could be greater than its projected supply
Software Tools in Business Analytics
- Data management uses tools such as SAS Data Integration Studio and SAS Data Flux
- Other functionalities: Data Cleaning, Data Mining, Forecasting, Optimization, Reporting use tools such as SAS Enterprise Miner, SAS Forecast Server, SAS OR and SAS visual Analytics
Key Software Features
- SaaS Solution
- On-premise Solution
- SaaS & on-premise
- Data Mining
- Data Visualization
- Statistical Analysis
- Simulation & Optimization
- Spatial Analysis
- Descriptive & Predictive Analytics
- Data filtering & manipulation
Data Analysis
- Data analysis evaluates and analyzes business data for useful information
- Several data analysis methods exist including data mining, text analytics, business analytics, and data visualization.
Business analytics
- A process which collates, sorts, processing, and studies business data, using statistical models and iterative methodologies to transform data into business insights.
Business Intelligence (BI)
- Business intelligence combines business analytics, data mining, data visualization, data tools, infrastructure, and best practices to make more data-driven decisions.
- Relies on getting the right information to the right people at the right time to support better decision making and gain a competitive edge. It uses business analytics, data mining and visualization.
Business Analytics is made up of
- Descriptive - looks back at What happened and involves business reporting, dashboards, scorecards, and data warehousing and provides well defined business problems and opportunities
- Predictive - looks at Why will it happen and involves data mining, text mining, web/media mining, and forecasting and accurate projections of the future states and conditions
- Prescriptive - What should I do and includes optimization, simulation, decision modeling, and expert systems and facilitates best possible business decisions and transactions
Business Analytics Process
- Data preparation: Compiling multiple data sources, identifying the dimensions and measurements, and preparing it for data analysis.
- Data mining: Using databases, statistics, and machine learning to uncover trends in large datasets.
- Reporting: Sharing data analysis to stakeholders so they can draw conclusions and make decisions.
- Descriptive analytics: Using preliminary data analysis to find out what happened.
- Querying: Asking the data specific questions, BI pulling the answers from the datasets.
- Statistical analysis: Taking the results from descriptive analytics and further exploring the data using statistics such as how this trend happened and why.
- Data visualization: Turning data analysis into visual representations such as charts, graphs, and histograms with the intent to more easily consume data.
- Visual analysis: Exploring data through visual storytelling to communicate insights on the fly and stay in the flow of analysis.
- Performance metrics and benchmarking: Comparing current performance data to historical data to track performance against goals, typically using customized dashboards.
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Description
This quiz covers the fundamentals of business analytics, including goals, datafication, diagnostic analysis, and prediction. It explores data collection, the analytics lifecycle, and the roles of business managers, data analysts, and data miners. Key areas include ensuring data quality and applying analytical techniques.
