Prescriptive Analytics Quiz

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Questions and Answers

Which methodology is used in business analytics to anticipate trends and outcomes?

Statistical analysis
Data mining (correct)
Operations research
Business intelligence

What is the focus of prescriptive analytics?

Transforming raw data into information for better decisions
Making smarter, data-driven business decisions (correct)
Using statistics, computer programming, and operations research
Identifying and expressing important patterns in data

What is the primary focus of business intelligence?

Converting data into meaningful information (correct)
Storing data in computer cloud storage
Using statistical analysis for decision-making
Exploring large database organizations

What does business intelligence refer to in terms of analytics?

What happened and why it happened (B) Signup and view all the answers

What is the purpose of using statistics, computer programming, and operations research in prescriptive analytics?

Recommending actions for smarter decision-making (D) Signup and view all the answers

Match the following analytics type with its description:

Business Intelligence = Converts data into meaningful and useful information for business purposes Prescriptive Analytics = Identifying and expressing important patterns in data to make better decisions Descriptive Analytics = Focuses on transforming raw data into information and anticipating trends and outcomes Predictive Analytics = Use of methodologies such as data mining and statistical analysis to analyze and transform data Signup and view all the answers

Match the following analytics type with its primary focus:

Business Intelligence = Collecting, storing, and exploring large database organizations for information useful to decision-making and planning Prescriptive Analytics = Making smarter, data-driven business decisions Descriptive Analytics = Transforming raw data into information for better decision-making Predictive Analytics = Identifying and anticipating trends and outcomes Signup and view all the answers

Match the following analytics type with its use of methodologies:

Business Intelligence = Storing an organization’s data in computer cloud storage or in data warehouses Prescriptive Analytics = Uses statistics, computer programming, and operations research Descriptive Analytics = Focuses on transforming raw data into information using data mining and statistical analysis Predictive Analytics = Converting data into useful information and identifying trends using data mining and predictive analytics Signup and view all the answers

Match the following technologies with their application in analytics:

Data mining = Used in prescriptive analytics to make smarter, data-driven business decisions Predictive analytics = Used in descriptive analytics to transform data and anticipate trends and outcomes Statistical analysis = Applied in predictive analytics to analyze and transform data into useful information Computer programming = Utilized in business intelligence to convert data into meaningful and useful information Signup and view all the answers

Match the following methodologies with their use in business analytics:

Data mining = Used in predictive analytics to analyze and transform data into useful information Predictive analytics = Utilizes statistical analysis to analyze and transform data for decision-making Statistical analysis = Applied in prescriptive analytics to anticipate trends and outcomes Computer programming = Utilized in business intelligence to convert data into useful information for decision-making Signup and view all the answers

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Study Notes

Business Analytics Methodologies

Predictive analytics employs statistical techniques and machine learning to anticipate future trends and outcomes.
This methodology enables organizations to make informed decisions based on historical data insights.

Prescriptive Analytics Focus

Prescriptive analytics focuses on recommending actions based on data analysis.
It aims to provide solutions and optimize outcomes by evaluating potential options and their consequences.

Business Intelligence Primary Focus

The primary focus of business intelligence is to analyze past and present data to inform decision-making.
This encompasses data collection, visualization, and reporting to enhance operational efficiency.

Business Intelligence in Analytics

Business intelligence refers to the processes and technologies that convert raw data into meaningful information.
It involves tools and systems for data management and analytics to support better business decisions.

Purpose of Statistics, Programming, and Research in Prescriptive Analytics

Utilizing statistics, computer programming, and operations research in prescriptive analytics serves to create models that simulate scenarios.
These tools help organizations predict outcomes and assess the impact of different strategies.

Matching Analytics Types with Descriptions

Each type of analytics (descriptive, diagnostic, predictive, prescriptive) aligns with specific data analysis goals, focusing on different stages of decision-making.

Matching Analytics Types with Primary Focus

Descriptive analytics: understanding what has happened.
Diagnostic analytics: understanding why something happened.
Predictive analytics: forecasting future events.
Prescriptive analytics: recommending actions for optimal outcomes.

Matching Analytics Types with Methodologies

Descriptive analytics uses data aggregation and mining methods.
Diagnostic analytics involves correlation and regression analysis.
Predictive analytics employs machine learning and statistical modeling.
Prescriptive analytics uses optimization and simulation techniques.

Matching Technologies with Their Applications in Analytics

Data warehouses and lakes store and process large volumes of data for analytics.
Visualization tools translate complex data sets into understandable charts and graphs.
Reporting tools generate automated insights and summaries from data analysis.

Matching Methodologies with Business Analytics Use

Quantitative methods are used for statistical analysis to draw insights.
Qualitative methods gather subjective data for understanding behavioral trends.
Mixed methods combine qualitative and quantitative approaches to provide a comprehensive analysis.