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Questions and Answers
Which of the following best describes business analytics?
Which of the following best describes business analytics?
- The process of transforming data into actions through analysis and insights
- The use of data and technology to gain insight and make informed decisions (correct)
- The use of statistical analysis and mathematical models to improve business operations
- The use of quantitative methods and computer-based models to solve organizational problems
What types of decisions can be enhanced by using analytics?
What types of decisions can be enhanced by using analytics?
- Marketing, advertising, and sales
- Supply chain management, production planning, and inventory control
- Human resources, financial management, and strategic planning
- Pricing, customer segmentation, and merchandising (correct)
What is the main goal of business analytics?
What is the main goal of business analytics?
- To reduce costs and expenses
- To help managers gain improved insight about their business operations (correct)
- To increase sales and revenue
- To improve customer satisfaction and loyalty
Which of the following is NOT a component of business analytics?
Which of the following is NOT a component of business analytics?
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What is the process of transforming data into actions through analysis and insights called?
What is the process of transforming data into actions through analysis and insights called?
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