Business Analytics (II)

Question 1

Who need business analytics?

Answer 1

Marketers, Product managers, Finance professionals, Human resources and DEI professionals

Question 2

Types of Business Analytics

Answer 2

1. Descriptive Analytics: What happened?
2. Predictive Analytics: What might happen?
3. Prescriptive Analytics: What should we do?

Question 3

Descriptive Analytics

Answer 3

Identifying past relationships and using historical data
*Data visualisation

Question 4

Predictive Analytics

Answer 4

Finding patterns in historical data to identify risks and opportunities

Question 5

Prescriptive Analytics

Answer 5

Prescribe optimal actions that will result in the best ouomes

Question 6

Challenges of Business Analytics

Answer 6

1. Data: Need high quality data to get high quality insights to make high quality decisions
2. Capabilities:
   Technical: data base and analytical tools
   Human: Analytical skills + Business Insights
3. Corporate Culture: Data-driven decision making