WorksheetsTopic 1 Overview of Business Analytics
Total questions: 25
Worksheet time: 9mins
What statement below best describes why we do data analytics in business?
Analytics improve our understanding of how the business works
We must show a return on the investment we make in data & analytical resources
We need specific insights to make business decisions
We have to calculate & report financial results to owners / shareholders
Business analytics results in which of these?
Evidence Based Decisions
Data Driven Decisions
Better Decisions
All of these are correct
What statement below best describes why we do data analytics in business
Analytics improve our understanding of how the business works
We need specific insights to make business decisions
We must show a return on the investment we make in data & analytical resources
We have to calculate & report financial results to owners / shareholders
Business analytics can be used for which of the following?
Finding patterns
Verifying previous decisions
Predicting results
All of these are correct
Type of Business Analytics refers to "what happened?"
Prescriptive
Descriptive
Diagnostic
Predictive
Understand reason behind happening some event.
Diagnostic
Descriptive
Predictive
Prescriptive
Type of Analytics refer to future outcomes
Diagnostics
Prescriptive
Predictive
Descriptive
Type of analytics tells "what should I do?"
Diagnostics
Predictive
Descriptive
Prescriptive
A Decision Support System (DSS) is an application for information systems that helps in
System Design
System Analysis
Decision making
All of the mentioned above
DSS is most widely used in the ___ analysis in an organization
Planning
Support
System maintenance
All of the mentioned above
Which of the following is / are some of the main areas of operation of DSS
Transaction processing
Production, finance, and marketing
Executive Support System
None of the mentioned above
Which of the following is a good characteristic of a DSS?
It has an increment model
Responds quickly to decision makers to help in decision making
Automates decision making process
None of the mentioned above
___ allows companies to support tasks that require more than one person to work on the task
A Communication-driven DSS
Model Driven DSS
Knowledge Driven DSS
All of the mentioned above
___ allows access to and the management of financial, organizational, and statistical models.
Knowledge Driven DSS
A Communication-driven DSS
Model Driven DSS
All of the mentioned above
___ DSS supports companies to store and analyze internal and external data.
Model-driven
Data Driven DSS
Communication-driven
All of the mentioned above
The primary purpose of using a DSS is to present information to the customer in an easy-to-understand way.
True
False
A DSS gathers and analyzes data, produce it to create comprehensive information ___
Documents
Reports
Sheets
Papers
A DSS may either be completely computerized or powered by humans.
True
False
What is a common challenge businesses face when integrating new analytics tools?
Overabundance of data specialists
Data security concerns
Decreased data volumes
Simplified data analysis
Which factor can hinder the effective use of business analytics in an organisation?
High-quality data
Strong IT infrastructure
Lack of skilled personnel
Efficient data storage
Which of the following is a technological challenge when implementing business analytics?
Rapid data processing speeds
Advanced data visualization tools
Incompatibility of old and new systems
Efficient data compression methods
What is one key benefit of collaborative value in Business Analytics?
Reduced need for data governance
Faster decision-making through shared insights
Eliminates the need for business intelligence tools
Increases data storage costs
Collaborative value in Business Analytics primarily enhances which of the following?
Data encryption
Individual performance metrics
Cross-functional teamwork and alignment
Manual data processing
Which of the following best describes how collaboration in Business Analytics adds value to an organization?
It centralizes all business decisions in the IT department
It improves silos across departments
It enables diverse stakeholders to contribute insights for better outcomes.
It reduces the need for visual dashboards
A business using collaborative analytics is more likely to:
Rely on gut feeling over data
Make siloed decisions
Leverage collective expertise for better strategic planning
Avoid using dashboards and reports
