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What is the role of analytics in business optimization?
What is the role of analytics in business optimization?
- Summarizing historical data
- Identifying potential business opportunities
- Providing a visual representation of data
- Revealing hidden patterns in data and answering unidentified questions (correct)
What does optimization help decision makers with?
What does optimization help decision makers with?
- Forecasting future market trends
- Managing customer relationships
- Handling difficult trade-offs when limited resources force choices among alternative options (correct)
- Creating new products and services
What is one advantage of optimization in decision-making?
What is one advantage of optimization in decision-making?
- Automating all decision-making processes
- Providing better decision-making when there are overwhelming number of factors to consider with complex inter-relationships among them (correct)
- Eliminating the need for human input in decision-making
- Reducing the need for data analysis
What does analytics reveal in data?
What does analytics reveal in data?
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What is the concept of reference architecture used for in business analytics?
What is the concept of reference architecture used for in business analytics?
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Study Notes
- IBM ICE (Innovation Centre for Education) offers a unit on Business Analytics and Optimization for IBM Power Systems
- Completing this unit enables learning about analytics basics, its role in business optimization, advantages of optimization, and reference architecture
- Analytics uncovers hidden patterns in data, answering previously unidentified questions
- Optimization extends analytics' power by helping decision-makers handle resource-constrained, complex choices
- Self-evaluation exercise provided after learning Business Analytics steps, to apply concepts using various tools and open-source applications.
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Description
Test your understanding of the basics of analytics, the role of analytics in business optimization, advantages of optimization, and the use of reference architecture in business analytics. See how well you have grasped the concepts from this IBM ICE (Innovation Centre for Education) unit.
