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Questions and Answers
What is the formula for calculating the profit of a company?
What is the formula for calculating the profit of a company?
Revenue - Costs = Profit
Which of the following are considered Direct goods and services in a company's purchasing department?
Which of the following are considered Direct goods and services in a company's purchasing department?
What does the abbreviation OEE stand for?
What does the abbreviation OEE stand for?
Overall Equipment Effectiveness
What are the three key components of the OEE calculation?
What are the three key components of the OEE calculation?
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What does the acronym MRP stand for?
What does the acronym MRP stand for?
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What is the name of the calculation language used in Power BI for creating calculations and performing data analysis?
What is the name of the calculation language used in Power BI for creating calculations and performing data analysis?
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What type of data source is generally used for storing unstructured or semi-structured data?
What type of data source is generally used for storing unstructured or semi-structured data?
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What are the three main steps involved in the ETL process?
What are the three main steps involved in the ETL process?
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Which of the following is NOT a type of data that can be visualized using a chart?
Which of the following is NOT a type of data that can be visualized using a chart?
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Study Notes
Data-driven Management Samv Notes
- The document discusses data-driven management in the context of marketing at a West-Vlaanderen college.
- Key processes in a company include operations, purchasing, sales, finance, and human resources.
- Data generated from these processes is used to create efficient dashboards in business intelligence.
- Effective management involves informed decision-making using data insights.
- Enterprise resource planning (ERP) software is crucial for streamlining operations and integrating data.
- ERP software combines disparate systems into a single, unified platform.
- A single software and database is ideal for managing all processes.
- Using the right software, in combination with the right knowledge about business processes, helps to make better decisions.
- Businesses using more tools and not integrating them are less efficient.
- Advantages of ERP systems include: reduced errors, ease of linking business processes, single point data source, easy reporting.
- ERP software is not a one-size-fits-all solution; factors such as company size, industry, and complexity should be considered.
- API's (Application Programming Interfaces) are increasingly used to integrate cloud-based software.
- Machine learning can be valuable for extracting insights from large amounts of data.
- Inbound and outbound marketing techniques are discussed.
- Content marketing is important for attracting customers by providing valuable content.
- Key marketing KPIs for marketeers include cost per lead and net promoter score.
- Other important business intelligence KPIs include ROI (return on investment), churn rate (percentage of customers who leave in a certain time frame), CPC (cost per click), CTR (click-through rate), conversion rate, and ROAS (return on ad spend).
- The concept of a Sales Funnel is depicted.
- Important KPIs for sales management include qualitative leads, sales cycle length, customer acquisition cost (CAC), customer lifetime value (CLTV), forecast, lead sources, reasons for loss, time to first action, total sales per salesperson, number of sales activities, and target achievement.
- Customer relationship management (CRM) tools like Salesforce, HubSpot, Pipedrive and Teamleader are essential for managing customer interactions.
- Understanding KPIs is important for measuring the success of a sales team.
- Production processes, work centers, bill of materials and manufacturing orders are examined.
- Important KPIs for Operations include productivity, cycle time, throughput, downtime, manufacturing cost per unit, customer rejects, overall equipment effectiveness (OEE).
- Different categories of goods are outlined, categorized into direct and indirect goods and services.
- Procurement is a major role for the purchasing department
- Key stages of the purchasing process described.
- Important KPIs for Inventory and Warehouse management in detail.
- Finance involves understanding internal and external reasons for accounting and financial statements.
- Modern financial statements (balances sheet, and profit & loss statements) are a result of the accounting process
Power BI
- Power BI is a business intelligence tool for data analysis.
- Power BI evolved from Power Pivot for Excel.
- It boasts continuous updates for improved features.
- It integrates data from various sources, including files, business systems, APIs, and databases.
- A key component for PowerBI is Power Query, useful for Data Preparation.
- ETL (extract, transform, and load) is a data process handled in Power Query. - It focuses on organizing and modifying data
- DAX (Data Analysis Expressions) is a powerful formula language for calculations and analysis within Power BI.
- DAX formulas (operators and functions) are presented
- Visualizations (with a focus on chart types) are important for conveying insights from data.
- The best practices for good dashboard design are described
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Description
This quiz explores the principles of data-driven management specifically in the context of marketing at a West-Vlaanderen college. Key topics include the role of ERP software in unifying business processes and enhancing decision-making through data insights. Understand how leveraging data effectively can streamline operations and improve efficiency in various business functions.
