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?

<p>Business Analytics (A)</p> Signup and view all the answers

What is the final step in the Business Analytics process?

<p>Deployment (C)</p> 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?

<p>Analytics Problem Framing (A)</p> Signup and view all the answers

What is the purpose of Descriptive Analytics?

<p>To determine what has happened in the past (A)</p> Signup and view all the answers

What is the purpose of Predictive Analytics?

<p>To use forecasting techniques and statistical models (C)</p> Signup and view all the answers

What is the purpose of Prescriptive Analytics?

<p>To determine what should be done (C)</p> Signup and view all the answers

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

<p>Widespread adoption of Intelligence into all business systems (B)</p> Signup and view all the answers

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