All about Analytics
Spotify personalizes playlists based on a user’s listening history and continuously refines recommendations as their taste evolves.
What are adaptive analytics?
This refers to raw numbers or facts
What is data?
What is a business function?
Business analytics to measure and and improve the effectiveness and efficiency of how a business is run
What are operations analytics?
What does a decision maker need to do before they start working to get data?
What is - figure out what question they are trying to answer? Determine what decision they are trying to make.
This refers to information gathered through learning
What is knowledge?
Name two of four aspects that make a business a "business"
1) Provides goods and or services, 2) Makes a profit, 3) Adds value, 4) Has a competitive advantage
A manufacturing plant tracks machine downtime and finds that equipment failures increased by 15% last quarter. What business area is this related to?
What are operations?
This person works with data as an interpreter or liasion--must know business and what data is needed
Who is a data/business analyst?
This refers to the event or situation where data can be understood
What is context?
This business function supports the whole organization in terms of technology usage, decisions, and data.
What is information technology systems (ITS) or management information systems (MIS?)
We use forecasting in this type of analytics.
What are predictive analytics?
A restaurant sees a decline in customer visits and, after analyzing reviews, discovers that long wait times caused negative feedback. What type of analytics is this?
What is diagnostic?
List all the steps in the SOAR model, in order
What are Specify, Obtain, Analyze, Report?
These are people who are invested in whether an organization succeeds or fails (employees, customers, suppliers etc.)
Who are stakeholders?
Expense analysis finds that rising supplier costs were the main reason for decreased profitability. What business functional area is this related to?
What is finance?
A navigation app recommends the fastest route by analyzing traffic patterns and suggesting an alternate path to avoid congestion. What type of analytics is this?
What is prescriptive?
This is a common problem we face when we first identify a business question. Explain this and provide an example.
We are not specific enough in our business question. E.g., "How can we make customers happier?"
Speed, service, cost leadership, quality, innovation. (Examples vary)
Why would we use a pivot table? Cite at least two reasons.
Best when you have a lot of data
When you are unsure how data relates to each other
Want to provide an interactive summary of data for analysis and mining