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Master the World of Business Analytics

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Questions and Answers

Which step in the Business Analytics process involves identifying and selecting data for analysis?

Data (correct)

Methodology Selection and Model Building

Analytics Problem Framing

Business Problem Framing

What type of Analytics uses forecasting techniques and statistical models?

Descriptive Analytics

Industry Trend

Prescriptive Analytics

Predictive Analytics (correct)

Which step in the Business Analytics process involves deciding which method to use for analysis?

Data

Methodology Selection and Model Building (correct)

Business Problem Framing

Analytics Problem Framing

What is the science of analyzing data to find patterns that can be used in developing strategies?

Business Analytics Signup and view all the answers

What is the final step in the Business Analytics process?

Deployment Signup and view all the answers

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 Signup and view all the answers

What is the purpose of Descriptive Analytics?

To determine what has happened in the past Signup and view all the answers

What is the purpose of Predictive Analytics?

To use forecasting techniques and statistical models Signup and view all the answers

What is the purpose of Prescriptive Analytics?

To determine what should be done Signup and view all the answers

What is one of the industry trends in Business Analytics mentioned in the text?

Widespread adoption of Intelligence into all business systems Signup and view all the answers