Understanding Business Analytics

What is the primary focus of descriptive analytics?

• Summarizing historical data to understand past events.

• Visualizing data through interactive dashboards.

• Creating predictive models for decision-making.

• Analyzing future trends based on current data.

Which type of analytics seeks to determine why something happened?

• Prescriptive Analytics

• Diagnostic Analytics

• Descriptive Analytics

• Predictive Analytics

What techniques are commonly used in predictive analytics?

• Statistical sampling

• Qualitative research

• Regression analysis, time series analysis, machine learning, data mining.

• Focus group discussions

What does prescriptive analytics aim to achieve?

• To visualize data in graphical formats.

• To predict future outcomes based on past data.

• To analyze historical data for trends.

• To provide recommendations for actions based on data analysis.

How does cognitive analytics differ from traditional analytics?

• Cognitive analytics incorporates AI and machine learning for adaptive learning, while traditional analytics focuses on historical data and static analysis.

• Cognitive analytics only uses past data for predictions.

• Traditional analytics uses AI to analyze data in real-time.

• Cognitive analytics is solely focused on data visualization.

What is the main purpose of data visualization in business analytics?

• To eliminate the need for data analysis altogether.

• To create complex algorithms for data processing.

• To present complex data in a visual format for easier understanding and decision-making.

• To store data in a database for future use.

Which analytics type involves root cause analysis?

• Prescriptive Analytics

• Diagnostic Analytics

• Predictive Analytics

• Descriptive Analytics

What role do statistical models play in predictive analytics?

• Statistical models help identify patterns in data to predict future outcomes.

• Statistical models are primarily for data storage and retrieval.

• Statistical models only provide historical data insights.

• Statistical models are used to collect data without analysis.

Can prescriptive analytics provide specific recommendations?

• No, prescriptive analytics is not capable of making recommendations.

• Yes, prescriptive analytics can provide specific recommendations.

• Yes, but only in general terms without specifics.

• No, prescriptive analytics only analyzes data.

What is the significance of historical data in business analytics?

• Historical data is only useful for financial reporting.

• Historical data has no impact on future business strategies.

• Historical data is primarily used for employee performance reviews.

• Historical data is crucial for understanding trends, making predictions, and guiding strategic decisions in business analytics.