Business Analytics Quiz

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The process of using analytical modeling and numerical analysis to make fully automated decisions
The process of using a consistent set of metrics to measure past performance and guide business planning
The process of using data and statistical methods to gain insights and drive business planning (correct)
The process of using querying, reporting, and online analysis to drive decision making

Developing new insights and understanding of business performance based on data and statistical methods
Using analytical modeling and numerical analysis to drive decision making
Using a consistent set of metrics to measure past performance and guide business planning (correct)
Using querying, reporting, and online analysis to drive decision making

Business intelligence focuses on querying and reporting, while business analytics focuses on explanatory and predictive modeling
Business intelligence focuses on prediction and prescription, while business analytics focuses on description
Business intelligence focuses on description, while business analytics focuses on prediction and prescription (correct)
Business intelligence focuses on explanatory and predictive modeling, while business analytics focuses on querying and reporting

<p>Analytical modeling and numerical analysis (C)</p> Signup and view all the answers

<p>As input for human decisions or to drive fully automated decisions (A)</p> Signup and view all the answers

Using data and stats to get insights and improve business strategy.

Using standard metrics to evaluate previous performance and plan future strategies.

BI describes the past; BA predicts and recommends future actions.

Analytical modelling and numerical analysis.

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To inform human decisions or to automate decision-making processes.

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Business analytics is the practice of iterative, methodical exploration of an organization's data, with an emphasis on statistical analysis, to drive business strategy and improve performance.
The main focus of business intelligence is to provide insights into past performance, enabling informed decisions, and is primarily descriptive in nature.
The key difference between business intelligence and business analytics is that business intelligence provides a rearview mirror, whereas business analytics provides a windshield, looking forward, and anticipating what will happen.
Business analytics makes extensive use of statistical and mathematical techniques, including data mining, predictive analytics, and machine learning.
Analytics can be used for a variety of purposes, including identifying trends and patterns, predicting future outcomes, optimizing business processes, and improving decision-making.