BUS ANL - PRELIM

is the use of data, information technology, statistical analysis, quantitative methods, and mathematical or computer-based models to help managers gain improved insight about their business operations and make better, fact-based decisions.

facilitated the collection, management, analysis, and reporting of data

BI has evolved into the modern discipline we now call

• is focused on better understanding characteristics and patterns among variables in large databases using a variety of statistical and analytical tools.

• relies on spreadsheet models and statistical analysis to examine the impacts of uncertainty in the estimates and their potential interaction with one another on the output variable on interest.

• is used to assess the sensitivity of optimization models to changes in data inputs and provide better insight for making good decisions. 

• most useful component of business analytics

• is the use of data to understand past and current business performance and make informed decisions

  
  

• seeks to predict the future by examining historical data, detecting patterns or relationships in these data, and then extrapolating  these relationships forward in time

  
  

  
  

• uses optimization to identify the best alternatives to minimize or maximize some objective