5 Questions
What are the three types of analytics mentioned in the text?
Descriptive Analytics, Predictive Analytics, and Prescriptive Analytics.
Give an example of a complex problem that can be solved using analytics, as mentioned in the text.
Accurate weather prediction, forecasting commodity price for advising farmers about crop selection and rotation.
What are some of the problems that e-commerce companies like Amazon & Flipkart try to address using analytics?
Forecasting demand for products, predicting order cancellations, preventing fraudulent transactions, predicting delivery time, and creating recommender systems.
How can analytics help in reducing costs for e-commerce companies?
By predicting cancellations, forecasting demand, preventing fraudulent transactions, and optimizing delivery time.
What are some examples of problems that analytics can help solve in the context of e-commerce companies?
Forecasting demand, predicting customer behavior, optimizing logistics, and preventing financial losses due to fraudulent transactions.
Study Notes
Introduction to Business Analytics
- Business analytics involves solving simple process improvement problems and complex problems like accurate weather prediction and forecasting commodity prices.
- E-commerce companies like Amazon and Flipkart address problems such as forecasting demand, predicting order cancellations, identifying fraudulent transactions, and predicting delivery time.
- Analytics plays a crucial role in reducing procurement cycle time and advising farmers about crop selection and rotation.
- Descriptive analytics, predictive analytics, and prescriptive analytics are types of analytics used for data-driven decision making.
- Big Data Analytics and Web and Social Media Analytics are concepts introduced in the field of business analytics.
- Machine learning algorithms are an essential part of business analytics for data analysis and prediction.
- Statistical software packages are introduced for carrying out descriptive analysis in business analytics.
- Accurate weather prediction and forecasting commodity prices are examples of complex problems addressed using analytics.
- E-commerce companies use analytics to forecast product demand, predict order cancellations, prevent fraudulent transactions, and predict delivery times.
- The ability to predict what a customer is likely to buy in the future is crucial for creating recommender systems in business analytics.
- Analytics is used to solve a wide range of problems, from process improvement to advisory systems and customer service agreements.
- The role of analytics in addressing excess inventory, shortage, and financial loss is crucial for the success of e-commerce companies.
Test your knowledge of the fundamentals of business analytics with this quiz covering the role of analytics in data-driven decision making, descriptive, predictive, and prescriptive analytics, big data analytics, web and social media analytics, and machine learning algorithms. This quiz will also touch on relevant statistical software packages.
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