10 Questions
Which step in the Business Analytics process involves identifying and selecting data for analysis?
Data
What type of Analytics uses forecasting techniques and statistical models?
Predictive Analytics
Which step in the Business Analytics process involves deciding which method to use for analysis?
Methodology Selection and Model Building
What is the science of analyzing data to find patterns that can be used in developing strategies?
Business Analytics
What is the final step in the Business Analytics process?
Deployment
Which step in the Business Analytics process involves reformulating the business problem concerning analytics and defining a metric of success for the model?
Analytics Problem Framing
What is the purpose of Descriptive Analytics?
To determine what has happened in the past
What is the purpose of Predictive Analytics?
To use forecasting techniques and statistical models
What is the purpose of Prescriptive Analytics?
To determine what should be done
What is one of the industry trends in Business Analytics mentioned in the text?
Widespread adoption of Intelligence into all business systems
Test your knowledge of Business Analytics by taking this quiz! Learn about the process of framing business problems and how to reformulate them for analytics. Discover the importance of defining metrics of success and gain insights into analyzing data to develop effective strategies.
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