TOPIC 1
defined as the extensive use of data, statistical and quantitative analyses, explanatory and predictive modeling, and fact-based management to drive decision making.
ANALYTICS
are the driving force behind a business's success, providing the revenue needed for operation and growth.
CUSTOMERS
istinct value assigned to a single item, record, or entity to distinguish it from all others in a database or system. It ensures that each piece of data can be accurately referenced, tracked, and retrieved.
unique identifier
a situation where gaining one thing requires giving up another. In business, it means making strategic choices where improving in one area may lead to compromises in another.
trade-off
is a type of supervised learning algorithm (having a pre-defined target variable) that is mostly used in classification problems. It works for both categorical and continuous input and output variables.
decision tree
answers the questions what happened and why it happen. Looks at the past data or historical data, understand and find reasons what really happened and why it happened. Almost all management reporting such as sales, marketing, operations and finance, uses this type.
analytics model.
DESCRIPTIVE ANALYTICS
Give at least 1 challenge of business analytics inside the organization
communication gap
is the process of gathering, measuring, and storing information relevant to business operations, customer behavior, and performance outcomes. It’s the first and foundational step in business analytics.
data collection
should be a broad articulation of hope and dreams for how analytics can affect your business,keeping in mind what your organization needs to accomplish and achieve.
Vision
is the process of extracting useful patterns, trends, and insights from large sets of data using statistical, mathematical, and machine learning techniques.
DATA MINING
process is typically complex and its cost and difficulty are usually underestimated. Data must be cleansed and quality assured to provide relevant and accurate outcomes.
ETL/EXTRACT-LOAD-TRANSFER
Business analytics is being driven by increased competition,decreased customer loyalty, economic woes, and the proliferation of new media these factors are classified as?
external factors
is a strategic mindset where a business starts by understanding external forces—such as customer needs, market trends, and competitive landscape—and then shapes internal processes and strategies to align with those external realities.
Outside-in thinking
is a long-term plan of action designed to achieve a specific goal or set of goals. In business, strategy defines how an organization will compete, what it will offer, and where it will allocate its resources to succeed in a dynamic environment.
strategy
refers to long-term shifts in temperatures and weather patterns, mainly caused by human activities, especially the burning of fossil fuels (coal, oil, and gas).
CLIMATE CHANGE
OLAP means?
online analytical processing applications
are deep, accurate understandings of a situation, problem, or trend, usually uncovered through the analysis of data, observation, or experience. In business, insights go beyond raw data to explain why something is happening and suggest what actions to take
insights
To build analytics, managers need to make policies ?
TOP-DOWN
Enables the user to pinpoint the areas that may need direct attention, can be used to compare values from different points in time.
Ad Hoc report
What is the process by which plants convert sunlight to energy?
Photosynthesis
Give at least 1 example when analytics is not practical
When There’s No Data.
When There’s No Precedent
When History Is Misleading.
When the Decision Maker Has Considerable Experience.
When the Variables Can’t Be Measured.
is what sets a business apart from its competitors and gives it an edge in the market. It’s the unique value a company offers that makes customers choose its products or services over others.
competitive advantage
The sum total of a series of individual attributes and behaviors that get repeated over time.
Analytical culture
rate of customers moving out of the service or quitting the service.
Customer attrition
How many bones are there in the adult human body?
206 BONES