ACC 117 Midterm Quiz 2

One of the most vital aspects of analytical success in a business context is integrating the right decision support software and technology.

• Integrate Technology

• Omit useless data

• Implement text analysis

• Set your KPIs

This is one of the most important data analytics techniques as it will shape the very foundations of your success.

• Integrate Technology

• Omit useless data

• Establish your question

• Set your KPIs

The best way to make your data concepts accessible across the organization is through data visualization.

• Set your KPIs

• Answer your question

• Omit useless data

• Implement text analysis

Established clear-cut questions you want your insights to answer, you need to set a host that will help you track, measure, and shape your progress in a number of key areas.

• Set your KPIs

• Answer your question

• Omit useless data

• Implement text analysis

You should decide on your most valuable data sources and start collecting your insights - the most fundamental of all data analysis techniques.

• Conduct statistical analysis

• Build a narrative

• Harvest your data

• Set your KPIs

Collecting data and uncovering patterns and trends

• Descriptive

• Statistical

• Text

• Prescriptive

Make future predictions based on past behavior

• Descriptive

• Statistical

• Text

• Prescriptive

They either end up conducting a range of analyses, thus wasting their time, or completely skip this crucial step of statistical analysis, thus increasing their chances of making erroneous decisions.

• Statistical

• Prescriptive

• Predictive

• Descriptive

The use of data, statistical algorithms and machine learning techniques to identify the likelihood of future outcomes based on historical data.

• Statistical

• Predictive analysis

• Descriptive

• Predictive analytics

The use of technology to help businesses make better decisions through the analysis of raw data.

• Predictive analysis

• Prescriptive Analytics

• Descriptive

• Predictive analysis