Business Analytics Quiz

What is Business Analytics?

• Guessing business outcomes

• Use of intuition in decision-making

• Use of data, technology, and models for decision-making

• Hiring consultants for decisions

Which of the following is NOT an application of analytics?

• Pricing

• Customer segmentation

• Daydreaming

• Staffing

What is a major challenge of business analytics?

• Too much data accuracy

• Too few software options

• Lack of analytical skills

• Having too much free time

Descriptive analytics focuses on:

• Future predictions

• Past and current performance

• Making coffee

• Risk elimination

Predictive analytics is used to:

• Determine best possible decisions

• Understand current operations

• Predict future outcomes

• Clean the database

Prescriptive analytics is used to:

• Clean up data errors

• Identify the best alternatives

• Describe company history

• Collect more data

Which is NOT one of the three types of analytics?

• Descriptive

• Predictive

• Reactive

• Prescriptive

What is the objective function in a prescriptive model?

• Describes the organization

• Maximizes or minimizes a value

• Collects data

• Stores historical data

What is reliability in data?

• Data with a lot of variation

• Data that is consistent and accurate

• Data used in surveys only

• Data from social media

What is validity in data?

• Data from official sources

• Data that is measurable

• Data that measures what it's supposed to

• Data that is recent