Module 2: Business Analytics Framework PDF

 INTRODUCTION Information, in its raw form, is not much useful for business decision making. It has to be collected, analyzed, and present din a way that is useful for decision making.  LEARNING OBJECTIVES After completing this course, you should be...

 INTRODUCTION Information, in its raw form, is not much useful for business decision making. It has to be collected, analyzed, and present din a way that is useful for decision making.  LEARNING OBJECTIVES After completing this course, you should be able to: 1. Discuss how data becomes business value. 2. Explain basic concepts on data analysis framework, data extraction, data warehousing and data analytics. IMPORTANCE OF FRAMEWORK Today’s digital technologies have resulted in the development of information systems that are radically transforming the very nature of managerial work, the structure of organizations, and the way firms operate and compete in an ever-changing global marketplace. (https://onlinemasters.ohio.edu/blog/the-importance-of-business- analytics/) IMPORTANCE OF FRAMEWORK The number of business analytics process requirements and customer expectations are continuously increasing. The framework provides a break from rumors as a trusted source that can help you run your business through troubled waters.  5 STEPS IN BUSINESS ANALYTICS FRAMEWORK The business analyst must document the same requirements from different business owners and stakeholders. 1. Examining the Situation: As a first step, it is very important that the analyst is focused on the current problems tarnishing the business. 2. Outlook: This is more of an understanding for business owners and other stakeholders. A business analyst needs to consider and understand your views and perspectives on issues under the lens. 3. Needs Analysis: This step refers to analyzing the current system and discussing the improvements that can be made to the current business. 4. Evaluation of options: This phase evaluates all possible options mentioned in the process. 5. Requirements definition: Contains detailed documentation for the analyst.  2.1 FRAMEWORK FOR BUSINESS ANALYTICS The process of turning raw data into business action is the framework for Business Analytics. 1. Data extraction. This is the first step in turning data into analytics. There are at least 3 sources of data which are the source systems, raw transactions, and from documents and forms. 2. Data warehousing. This is where the data is cleaned, curated, organized, and ready for analysis. 3. Extract, Transform, or Load Processes (ETL). This is the process of moving data from source systems to data warehouse to an analytical tool.  ACTIVITY Watch "Framework for Business Analytics" by Mr. Dominic Ligot https://www.youtube.com/watch?v=U1u7WiIxx6A  2.2 TYPES OF ANALYTICS There three types of analytics that can help businesses make the most out of the big data that they have and find the solutions to problems that they have: Data extraction. This is the first step in turning data into analytics. There are at least 3 sources of data which are the source systems, raw transactions, and from documents and forms. 1. Descriptive Analytics. This is the data that is used to benchmark or to profile. https://www.youtube.com/watch?v=oTqVA2f7wCU  2.2 TYPES OF ANALYTICS There three types of analytics that can help businesses make the most out of the big data that they have and find the solutions to problems that they have: Data extraction. This is the first step in turning data into analytics. There are at least 3 sources of data which are the source systems, raw transactions, and from documents and forms. 2. Predictive Analytics. This is used to determine relationships between two different types of data and making predictions about future data. https://networks.upou.edu.ph/11634/predictive-analytics-dominic-ligot/  2.2 TYPES OF ANALYTICS There three types of analytics that can help businesses make the most out of the big data that they have and find the solutions to problems that they have: Data extraction. This is the first step in turning data into analytics. There are at least 3 sources of data which are the source systems, raw transactions, and from documents and forms. 3. Prescriptive Analytics. This is used to create recommendations through simulation and optimization models. https://www.youtube.com/watch?v=hMTW-wbU2yE 2.2 TYPES OF ANALYTICS  ACTIVITY Watch "Descriptive Analytics" by Mr. Dominic Ligot Watch "Predictive Analytics" by Mr. Dominic Ligot Watch "Prescriptive Analytics" by Mr. Dominic Ligot  ASSESSMENT 1. How does data become business value? 2. Compare and differentiate descriptive, predictive, and prescriptive analytics. Type of Analytics Similarities Differences Descriptive Predictive Prescriptive REFERENCE Ligot, D. 2018. "Framework for Business Analytics". https://www.analyticssteps.com/blogs/9-techniques-used-business-analytics-framework https://onlinemasters.ohio.edu/blog/the-importance-of-business-analytics/