Business Analytics Pop Quiz

What is the main focus of Business Analytics?

• Employee management

• Data analysis

• Marketing strategies

• Product development

Which of the following is NOT a component of Business Analytics?

• Statistical analysis

• Data visualization

• Customer service

• Mathematical models

What is the purpose of Descriptive analytics?

• Identify the best alternatives

• Minimize costs

• Understand past and current performance

• Predict the future

What is the key benefit of using Business Analytics according to the text?

• Increased costs

• Better decision makings

• Slower decisions

• Decreased productivity

What is the main challenge faced in using analytics according to the text?

• Lack of understanding

• Easy sharing of information

• Abundance of good data

• Clear benefits

What is the purpose of Predictive analytics?

• Understand past and current performance

• Identify the best alternatives

• Predict the future

• Minimize costs

What is the main focus of Prescriptive analytics?

• Identify the best alternatives

• Understand past and current performance

• Minimize costs

• Predict the future

What is the main characteristic of Big Data?

• Real-time availability

• Certainty

• Predictable sources

• Small amounts of data

What is the purpose of an Influence diagram?

• Statistical analysis

• Data visualization

• Visual representation of a model

• Mathematical formula

What is the main function of a Decision model?

• Analyze past data

• Facilitate making a decision

• Predict future trends

• Understand current performance