Chapter 12 Flashcards
(23 cards)
Business Analytics (BA)
process of developing actionable decisions or recommendations for actions based on insights generated from historical data.
Business intelligence (BI)
defined as a broad category of applications, technologies, and processes for gathering, storing, accessing, and analyzing data to help business users make better decisions.
what are the three basic roles that managers perform?
1) interpersonal roles: figure head, leader, liaison
2) information roles: monitor, disseminator, spokesperson, analyzer
3) decisional roles: entrepreneur, disturbance handler, resource allocator, negotiator
what are the three broad categories that all managerial decisions fall into?
1) operational control
2) management control
3) strategic planning
what are the two major dimensions along which various types of decisions can be placed?
Problem structure and the nature of the decision
what is the first step in the business analytics process?
Define the business problem
which business analytics tools incorporates the functionality of many other tools and is most commonly used?
Excel
Online analytical processing (OLAP)/Multidimensional analysis
Involves “slicing an dicing” the data that are stored in a dimensional format
data mining
refers to the process of searching for valuable business information in a large database, data warehouse, or data mart
what are the two basic operations data mining can perform?
1) identifying previously unknown patterns
2) predicting trends and behaviours
Decision support systems (DSSs)
combine models and data to analyze semi-structured problems and some unstructured problems that involve extensive user involvement.
what are the three types of analysis?
Sensitivity Analysis
What-If analysis
goal-seeking analysis
what does online analytical processing (OLAP0 involve in the context of business analytics?
Slicing and dicing data that are stored in a dimensional format
why would a company want to perform A/B testing with Google analytics?
To identify the most effective website design
predictive analysis
examines recent and historical data to detect patterns and predict future outcomes and trends.
what is the primary purpose of predictive analytics?
forecast customer behavior and purchasing patterns
Which of the following best describes the application of predictive analytics in the context of Fandango, the ticket seller?
Sending emails to members with discount offers for specific movies they haven’t watched yet.
What is an example of an unintended consequence of predictive analytics?
Uber’s surge pricing algorithm during an emergency.
what are some requirements for linear regression?
*At least 30 data points
*Normal distribution of data
*Linear relationship between independent and dependent variables
Prescriptive analytics
Goes beyond descriptive and predictive models by recommending one or more courses of action and by identifying the likely outcome of each decision.
what kind of data does the oil and gas industry use to optimize operations with prescriptive analytics?
Video, image, and sound data
the primary purpose of a dashboard in the context of business analytics is to…
provide access to timely information and mangement reports
Geographic Information system (GIS)
a computer-based system for capturing, integrating, manipulating, and displaying data using digitized maps.
