Introduction to Business Analytics

Which of the following best defines business analytics?

• Use of intuition and guesswork to make decisions

• Use of data, information technology, statistical analysis, quantitative methods, and models to improve decision-making

• Solely relying on historical sales data

• Decision-making based on trends without analysis

What is NOT a possible impact of business analytics?

• Better risk management

• Slower decision-making

• Enhanced profitability

• Better productivity

Which of the following is a key challenge in implementing business analytics?

• Easy access to high-quality data

• Overqualified analytical teams

• Lack of understanding of how to use analytics

• Too few business priorities

Descriptive analytics is used to:

• Recommend specific actions

• Understand past and current business performance

• Predict future trends

• Randomly analyze customer data

What is an example of predictive analytics?

• Summarizing customer complaints over the last year

• Determining the best pricing strategy to maximize profits

• Forecasting which customers are likely to churn based on historical behavior

• Listing website visitor statistics

Which characteristic of Big Data refers to the speed at which data is received and processed?

• Volume

• Variety

• Velocity

• Veracity

Which type of model in business analytics is designed to help decision-makers identify the best solution to a problem?

• Descriptive model

• Predictive model

• Prescriptive model

• Verbal model

What is a decision model’s objective function?

• A constraint that limits possible solutions

• A variable with no influence

• The equation that minimizes or maximizes the quantity of interest

• An uncontrollable input

In business analytics, what does the term ‘Veracity’ in Big Data refer to?

• The size of data

• The truth or accuracy of data

• The variety of data sources

• The velocity at which data is processed

Which step in problem-solving with analytics involves recognizing when there is a gap between actual performance and desired performance?

• Defining the Problem

• Recognizing a Problem

• Implementing the Solution

• Structuring the Problem