UniPASS - introduction to business analytics

What is Business Analytics?

• the use of physical resources to help managers make better decisions.

• The use of statistical analysis to help managers make better decisions.

• The use of verbal communication to help managers make better decisions.

• The use of financial resources to help managers make better decisions.

What are the parts of Business Analytics?

• Data and information

• Quantitative methods and mathematical models

• Statistical analysis and computer-based models

• All of the above

What is the difference between data and information?

• Data is collected through a measurement process, while information is the result of analyzing data.

• Data is the result of analyzing information, while information is collected through a measurement process.

• Data and information are the same thing.

• None of the above.

What is the primary spreadsheet software used in ECOM1000?

• Excel

• Python

• Analytics solver

• Powerpoint

What are the potential benefits of using analytics?

• Reduced costs, faster decisions, and better productivity.

• Enhanced profit performance and customer satisfaction.

• Both a and b.

• None of the above.

What is the difference between descriptive, predictive, and prescriptive analytics?

• Descriptive analytics examines historical data, predictive analytics predicts future outcomes, and prescriptive analytics provides recommendations.

• Descriptive analytics provides recommendations, predictive analytics examines historical data, and prescriptive analytics predicts future outcomes.

• Descriptive analytics predicts future outcomes, predictive analytics provides recommendations, and prescriptive analytics examines historical data.

• None of the above.

What is big data?

• Massive amounts of business data that is available in real-time.

• A type of software used for data analysis.

• The process of analyzing data to support evaluation and decision making.

• None of the above.

What is data reliability?

• The accuracy and consistency of data.

• The correctness of the data.

• The process of extracting meaning from data.

• None of the above.

What is data validity?

• The accuracy and consistency of data.

• The correctness of the data.

• None of the above.

• The process of extracting meaning from data.

What are the potential challenges of using analytics?

• Competing business priorities.

• Difficulty in getting good data and sharing information.

• Don’t know how to use analytics.

• All of the above.