Podcast
Questions and Answers
What are critical success factors (CSFs)?
What are critical success factors (CSFs)?
- Reports that highlight deviations larger than defined thresholds.
- Forecasting methods to determine long-term trends.
- The factors most crucial for the success of a business. (correct)
- Specific measures of performance used to evaluate success.
What is the primary function of key performance indicators (KPIs)?
What is the primary function of key performance indicators (KPIs)?
- To analyze historical trends over short periods.
- To provide real-time status access on metrics.
- To serve as specific measures of critical success factors. (correct)
- To highlight significant deviations in reports.
What does trend analysis help determine?
What does trend analysis help determine?
- Forecasts for short-, medium-, and long-term trends of KPIs. (correct)
- Immediate exceptions to baseline performance.
- Real-time performance scorecards.
- The latest data available on KPIs.
What is the purpose of exception reporting?
What is the purpose of exception reporting?
What is a Geographic Information System (GIS) primarily used for?
What is a Geographic Information System (GIS) primarily used for?
What is Business Intelligence (BI) primarily focused on?
What is Business Intelligence (BI) primarily focused on?
How is Business Analytics (BA) defined?
How is Business Analytics (BA) defined?
Which of the following is NOT a component of Business Analytics?
Which of the following is NOT a component of Business Analytics?
Which of the following statements about BA and BI is accurate?
Which of the following statements about BA and BI is accurate?
What type of data sources might Business Analytics utilize?
What type of data sources might Business Analytics utilize?
What is a key difference between Business Analytics and Business Intelligence?
What is a key difference between Business Analytics and Business Intelligence?
Which business example illustrates the use of Business Analytics effectively?
Which business example illustrates the use of Business Analytics effectively?
What technological method is commonly used in the Business Analytics process?
What technological method is commonly used in the Business Analytics process?
What does what-if analysis primarily evaluate?
What does what-if analysis primarily evaluate?
What is goal-seeking analysis primarily designed to find?
What is goal-seeking analysis primarily designed to find?
What does OLAP allow users to do with data?
What does OLAP allow users to do with data?
Which of the following is a key feature of data mining?
Which of the following is a key feature of data mining?
In the context of decision support, which component assists in presenting relevant data?
In the context of decision support, which component assists in presenting relevant data?
What is an essential component of descriptive analytics?
What is an essential component of descriptive analytics?
What type of analysis primarily takes advantage of decision trees?
What type of analysis primarily takes advantage of decision trees?
Which statement accurately describes the relationship between ETL and data marts?
Which statement accurately describes the relationship between ETL and data marts?
What is the first phase of the decision-making process?
What is the first phase of the decision-making process?
Which type of decision deals with routine and repetitive problems with standard solutions?
Which type of decision deals with routine and repetitive problems with standard solutions?
What is a common challenge in decision-making?
What is a common challenge in decision-making?
Which of the following describes descriptive analytics?
Which of the following describes descriptive analytics?
What does OLAP stand for?
What does OLAP stand for?
What is the primary purpose of a Decision Support System (DSS)?
What is the primary purpose of a Decision Support System (DSS)?
During which phase of decision-making is the solution selected?
During which phase of decision-making is the solution selected?
Which of the following uses techniques to identify previously unknown patterns in data?
Which of the following uses techniques to identify previously unknown patterns in data?
What type of decisions concern long-term goals and resource allocation?
What type of decisions concern long-term goals and resource allocation?
Which method allows decision-makers to see how changes in variables affect outcomes?
Which method allows decision-makers to see how changes in variables affect outcomes?
What does the 'Design' phase of decision-making involve?
What does the 'Design' phase of decision-making involve?
Which of the following is NOT a target of Business Analytics (BA)?
Which of the following is NOT a target of Business Analytics (BA)?
What is the primary purpose of predictive analytics?
What is the primary purpose of predictive analytics?
Which of the following tools is NOT commonly used in predictive analytics?
Which of the following tools is NOT commonly used in predictive analytics?
In the context of decision-making, what is an 'input'?
In the context of decision-making, what is an 'input'?
How is data mining applied in targeted marketing?
How is data mining applied in targeted marketing?
What distinguishes prescriptive analytics from predictive analytics?
What distinguishes prescriptive analytics from predictive analytics?
Which of the following applications is an example of predictive analytics?
Which of the following applications is an example of predictive analytics?
Which statistical procedure is commonly used in predictive analytics?
Which statistical procedure is commonly used in predictive analytics?
What is the primary function of dashboards in data presentation?
What is the primary function of dashboards in data presentation?
Which of the following fields is NOT mentioned as utilizing predictive analytics?
Which of the following fields is NOT mentioned as utilizing predictive analytics?
In which situation is prescriptive analytics particularly helpful?
In which situation is prescriptive analytics particularly helpful?
Which of the following best describes data visualization?
Which of the following best describes data visualization?
Flashcards
Business Analytics (BA)
Business Analytics (BA)
The process of creating actionable decisions or recommendations based on insights from historical data.
Business Intelligence (BI)
Business Intelligence (BI)
A broad collection of applications, technologies and processes used for gathering, storing, accessing and analyzing data to help businesses make better decisions.
BA vs. BI
BA vs. BI
While sometimes used interchangeably, BI is a broader category, and BA focuses on creating actionable recommendations from historical data.
Descriptive Analytics
Descriptive Analytics
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Predictive Analytics
Predictive Analytics
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Prescriptive Analytics
Prescriptive Analytics
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Business Insight
Business Insight
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Data Tools
Data Tools
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What-if analysis
What-if analysis
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Goal-seeking analysis
Goal-seeking analysis
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OLAP
OLAP
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Data mining
Data mining
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Decision support system
Decision support system
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Data warehouse
Data warehouse
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Data mart
Data mart
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Critical Success Factors (CSFs)
Critical Success Factors (CSFs)
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Key Performance Indicators (KPIs)
Key Performance Indicators (KPIs)
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Status Access
Status Access
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Trend Analysis
Trend Analysis
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Exception Reporting
Exception Reporting
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Management
Management
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Decision
Decision
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Decision-Making Phases
Decision-Making Phases
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Structured Decisions
Structured Decisions
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Unstructured Decisions
Unstructured Decisions
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Operational Decisions
Operational Decisions
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Management Decisions
Management Decisions
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Strategic Decisions
Strategic Decisions
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OLAP (Online Analytical Processing)
OLAP (Online Analytical Processing)
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Decision Support Systems (DSS)
Decision Support Systems (DSS)
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Sensitivity Analysis
Sensitivity Analysis
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Data Mining Tool
Data Mining Tool
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Data Mining in Marketing
Data Mining in Marketing
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Data Mining in Fraud Detection
Data Mining in Fraud Detection
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Predictive Analytics in Finance
Predictive Analytics in Finance
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Prescriptive Analytics in Autonomous Vehicles
Prescriptive Analytics in Autonomous Vehicles
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Data Visualization
Data Visualization
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Dashboard Capability: Drill Down
Dashboard Capability: Drill Down
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Descriptive vs. Predictive vs. Prescriptive
Descriptive vs. Predictive vs. Prescriptive
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Study Notes
Management Information Systems
- Course code: ADM 2372
- Instructor: Mayur Joshi, PhD
- Email: [email protected]
- Copyright information: 2024 John Wiley & Sons Canada, Ltd., or the authors. All rights reserved. Sharing materials without permission is academic fraud and copyright infringement.
Week 10: Business Analytics (Chapter 12)
- Topics covered: Business analytics vs. intelligence, Managers and Decision Making, The Business Analytics Process, Descriptive Analytics, Predictive Analytics, Prescriptive Analytics, Presentation Tools
Business Intelligence (BI)
- BI is a broad category of applications, technologies and processes for gathering, storing, accessing and analyzing data to assist business users in better decision making.
Business Analytics (BA)
- BA is the process of developing actionable decisions or recommendations for actions based on insights generated from historical data.
- Some consider BA and BI interchangeable. This course considers them interchangeable.
Business Analytics (BA) - Tools and Techniques
- Data is the foundation
- Tools and techniques include statistical models, machine learning techniques, and more.
- Example: Capital One discovered high-spending customers who pay slowly are most profitable.
Decision-Making
- Management is a process an organization uses to achieve its goals through resources (people, money, materials, and information).
- Input resources are considered the input to the management process.
- Output (goal) is the achievement of the organization's goals achieved by the management process.
- Managers execute and optimize the management process.
Decision-Making Process and Phases
- Includes three major phases:
- Intelligence Phase: identify and define the problem or opportunity.
- Design Phase: build a model (an abstraction of reality); define variable relationships, validate model with test data.
- Choice Phase: select a solution using evaluation criteria; implement the solution.
Decision-Making Challenges and Need for IT
- Number of alternatives increases constantly.
- Most decisions must be made under time pressure.
- Increased uncertainty in the decision environment.
- Rapid access to remote information, expert consultation, and/or group sessions are often needed.
Types of Decisions
- Structured decisions deal with routine and repetitive problems with standardized solutions (e.g., inventory control). Can be automated.
- Unstructured decisions deal with complex problems with no clear solution or procedure. Human intuition and judgment are necessary (e.g., R&D project selection). BA assists decision-makers with these decisions by providing relevant information.
- Decision types include:
- Operational: executing specific tasks.
- Management: acquiring and efficiently using resources to achieve goals.
- Strategic: long-term goals and policies for growth and resource allocation.
IS Support Framework for Decision-Making
- A framework describing how information systems (IS) support different types of decisions (operational, management, strategic).
Business Analytics (BA) Process
- Includes getting data into a data warehouse or data mart and getting data out using BA applications.
- The process involves ETL to transform data for storage and analysis in the warehouse.
- Key stages in getting insights from the data.
Analytic Targets
- Development of one or more analytics applications.
- Development of enterprise-wide analytics infrastructure.
- Support for organizational transformation.
Descriptive Analytics
- Summarizes past events to learn from past behaviors.
- Tools include OLAP (Online Analytical Processing - multidimensional analysis).
- Tools include Data mining (uncovering previously unknown patterns).
- Tools include Decision Support Systems (DSS). -What-if analysis, Sensitivity analysis, and Goal-seeking analysis are three types of quantitative models.
Predictive Analytics
- Examines recent and historical data to predict future outcomes and trends based on probabilities.
- Uses data mining and statistical procedures like linear regression, multiple regression, and logistic regression.
- Examples: Targeted marketing, fraud detection.
Prescriptive Analytics
- Goes beyond descriptive and predictive to recommend courses of action, quantifying the effects of future decisions, and advising on potential outcomes. Examples: Driverless cars needing to analyze possible decisions' impact before making them.
Presentation Tools
- Data visualization is the process of presenting processed data in visual formats. Dashboards present data to users in organized visual formats.
- Components of dashboards include: Drill-down, Critical success factors (CSFs), Key Performance Indicators (KPIs), Status Access, Trend analysis, and Exception reporting.
- GIS (Geographic Information Systems) is a computer-based system for capturing, integrating, manipulating, and displaying data using digitized maps.
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Description
Test your understanding of critical success factors (CSFs), key performance indicators (KPIs), trend analysis, exception reporting, and Geographic Information Systems (GIS). This quiz covers essential concepts in business management and performance measurement. Assess your knowledge in these crucial areas to enhance your managerial skills.
