Introduction to Business Analytics and Marketing Metrics Quiz

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What does business analytics combine into one field?

Data, marketing strategies, statistical analysis, and computer-based models

Data, information technology, statistical analysis, quantitative methods, and computer-based models (correct)

Data, research methods, computer programming, and business intelligence

Data, information technology, computer programming, and business performance

What is the primary purpose of business analytics?

To analyze consumer behavior using business intelligence and statistical analysis

To enhance marketing strategies for businesses using computer-based models

To develop new insights and understanding of business performance based on data and statistical methods (correct)

To improve decision-making based on personal guesses rather than evidence

How is business analytics used by companies committed to data-driven decision-making?

To explore an organization's data with emphasis on statistical analysis (correct)

To ignore statistical analysis and rely on intuition for decision-making

To analyze data without considering statistical methods

To solely rely on personal guesses for making decisions

Which technologies are used to solve business issues through the use of statistical models and data analysis?

Business analytics Signup and view all the answers

What does business analytics refer to?

The statistical analysis of the data a business has acquired in order to make evidence-based decisions Signup and view all the answers

What is the science of analyzing data to find out patterns that will be helpful in developing strategies?

Business analytics Signup and view all the answers

What is the primary focus of analytics?

Evolving with availability of newer and better technologies Signup and view all the answers

What was the initial application of operations research?

Conducting military operations Signup and view all the answers

How has management science evolved over time?

Into business intelligence Signup and view all the answers

What is one of the uses of business analytics in combatting fraud?

Spotting potentially fraudulent purchases by looking at previous consumer transactions Signup and view all the answers

What does business analytics enable businesses to study and foresee utilizing in the text?

Upcoming market trends Signup and view all the answers

What impact does business analytics have on the functioning of an organization based on the text?

Impacting the functioning of the whole organization Signup and view all the answers

What does business analytics aim to eliminate based on the text?

Guesswork Signup and view all the answers

What is the root of business analytics' evolution based on the text?

Operations research Signup and view all the answers

What did management science evolve into based on the text?

Business intelligence Signup and view all the answers

What can businesses get insight into using business analytics, according to the text?

Customer behavior Signup and view all the answers

Business Analytics combines data, information technology, statistical analysis, quantitative methods, and computer-based models to provide decisionmakers with all the possible scenarios to make a well-thought and researched ______.

decision Signup and view all the answers

Business analytics refers to the skills, technologies, and practices for continuously developing new insights and understanding of business performance based on ______ and statistical methods.

data Signup and view all the answers

Business analytics is the practice of exploration of an organization’s data with emphasis on ______ analysis.

statistical Signup and view all the answers

A combination of data analytics, business intelligence, and computer programming, business analytics is the science of analyzing data to find out ______ that will be helpful in developing strategies.

patterns Signup and view all the answers

Business analytics enables companies committed to data-driven decision-making to make decisions that are based on ______ rather than a guess.

evidence Signup and view all the answers

Business analytics is used by companies committed to data-driven decision-making to provide insights into developing ______.

strategies Signup and view all the answers

DATA ANALYTICS is commonly thought of as the science of analysis that has been mechanized by a variety of clever statistical techniques and ______ learning algorithms.

machine Signup and view all the answers

Business analytics has been in existence since a very long time and has evolved with the availability of newer and better ______.

technologies Signup and view all the answers

Operations research was an analytical way to look at data to conduct ______ operations.

military Signup and view all the answers

Over some time, this technique started getting utilized for ______.

business Signup and view all the answers

Operations research evolved into ______ science.

management Signup and view all the answers

Business operations frequently experience challenges that need to be resolved, which necessitates stopping all other business ______.

operations Signup and view all the answers

This significantly lowers the rate of production and causes a large ______.

loss Signup and view all the answers

Analytics are a tool the businesses utilize to maintain their client ______.

relationships Signup and view all the answers

Utilizing analytics in business also enables you to study current industry trends and ______ future ones, even before other businesses do.

foresee Signup and view all the answers

It may lower the price associated with producing ______.

goods Signup and view all the answers