Understanding Business Analytics

Aashi is trying to decide which marketing strategy to implement for her new product launch. She has several options to consider, but she wants to make sure her decision is based on solid evidence rather than just her instincts.

• It is a method of making decisions without any data analysis.

• Data-driven decision-making is about following trends without evidence.

• Data-driven decision-making is the process of making decisions based on data analysis and interpretation rather than intuition or personal experience.

• Data-driven decision-making relies solely on gut feelings.

What are the 5V's of data and their importance?

• Volume, Velocity, Variety, Validity, and Value

• Volume, Velocity, Variety, Veracity, and Viability

• Volume, Velocity, Variety, Veracity, and Verification

• The 5V's of data are Volume, Velocity, Variety, Veracity, and Value.

Define Descriptive Analytics and its purpose.

• Descriptive Analytics focuses solely on predicting future trends.

• Descriptive Analytics only analyzes real-time data for immediate insights.

• Descriptive Analytics is the process of analyzing historical data to understand what has happened in the past, with the purpose of providing insights and informing future decisions.

• Descriptive Analytics is used to create new data models from scratch.

What is Predictive Analytics and how is it used?

• Predictive Analytics is a method that uses historical data to predict future outcomes, commonly used in fields like marketing, finance, and healthcare for decision-making and trend forecasting.

• Predictive Analytics is a method for creating random outcomes in gaming.

• Predictive Analytics is only used in sports for player performance analysis.

• Predictive Analytics relies solely on real-time data without considering historical data.

Describe Prescriptive Analytics and its applications.

• Prescriptive Analytics focuses solely on predicting future trends without actionable insights.

• Prescriptive Analytics is primarily used for data storage and retrieval.

• Prescriptive Analytics provides recommendations for actions to optimize outcomes in various fields such as supply chain management, finance, healthcare, and marketing.

• Prescriptive Analytics only analyzes historical data without providing recommendations.

What does the Business Analytics maturity curve represent?

• The types of data storage solutions available.

• The steps to create a business plan.

• The timeline of a company's financial growth.

• The progression of an organization's data analytics capabilities.

List some application fields of Business Analytics.

• Marketing, Finance, Supply Chain Management, Healthcare, Human Resources

• Graphic Design

• Event Planning

• Real Estate Management

How can organizations build analytics capabilities?

• Reduce workforce to cut costs

• Invest in technology, hire skilled professionals, foster a data-driven culture, provide training, and establish data governance.

• Limit access to data for employees

• Focus solely on traditional marketing strategies

What are common challenges in data-driven decision making?

• Common challenges in data-driven decision making include data quality issues, lack of skilled personnel, resistance to change, data integration difficulties, and complex data interpretation.

• Data-driven decision making eliminates the need for data.

• Data-driven decision making requires no analysis.

• Data-driven decision making is always accurate.

Discuss future trends in Business Analytics.

• Elimination of data privacy regulations

• Increased use of AI and machine learning, real-time data processing, enhanced data visualization, ethical data usage, IoT integration, and self-service analytics.

• Decreased reliance on data analytics tools

• Focus on historical data only