Foundations of Analytics
true
(T/F) Modern business analytics can be viewed as an integration of BI/IS, statistics, and modeling and optimization.
false
(T/F)A trader who wants to predict short-term movements in stock prices is likely to use descriptive analytics.
internal
(primary) from company records, business transactions, automated data-capturing equipment
external
(secondary) from published sources, such as government and commercial data sources, customer research providers, online research
predictive analytics
Example: Builds up a forecasting model and predict sales based on difference price
prescriptive analytics
Example: Develop an optimization model to identify the best combination of pricing & advertising strategies to maximize profit
descriptive analytics
Example: Examine historical data for similar products (prices, units sold, advertising...)
generated
From a survey for a special purpose (e.g. customer survey)
c. An equal sign
Functions in MS Excel must begin with ___. a. An ( ) sign b. A plus sign c. An equal sign d. A > sign
descriptive analytics
Is the most used and most well-understood type of analytics. It allows us to use data to understand past & current business performance.
big data
Is the term used to describe huge amounts of production, consumer, & social media data collected in digital form from such locations as: web sites, credit cards, POS records, social media, ...
business analytics
The process of using information technology, statistical analysis, quantitative methods, mathematical or computer-based models to convert data into meaningful information and help managers gain improved insight about their business operations and make better, fact-based decisions.
volume, veracity, velocity, variety
What are the 4 V's of Big data?
internal, external, generated
What are the sources of data?
descriptive, predictive, and prescriptive
What are the three types of analytics?
c. Column chart
What type of chart is most appropriate for comparing values over categories? a. Pie chart b. Line chart c. Column chart d. Combo chart
c. Use 3D graphs to grab viewers' attention.
Which of the following is not one of the tips for effective dashboard design? Address only relevant key questions. Choose the right type of data chart. Use 3D graphs to grab viewers' attention. Position the most important charts at the top-left. Keep the design simple and easy to understand.
b. AVG
Which one is not a function in MS Excel? a. SUM b. AVG c. MAX d. MIN
prescriptive analytics
answers the question of what we should do to optimize our performance based on potential constraints. It is especially useful when problems involve too many choices or alternatives for a human decision maker to effectively consider.
c. OR
A logical function that returns TRUE if any of the conditions is true and FALSE if not. a. NOT b. AND c. OR d. IF
b. =SUMIF(A2:A7, "A", E2:E7)
Below is a spreadsheet of purchase orders for a computer software retailer. To find the total order cost from supplier A, what Excel formula should be used in B9? =SUM(E2:E7) =SUMIF(A2:A7, "A", E2:E7) =COUNTIF(A2:A7, "A") =SUMIFS(A2:A7, "A", E2:E7)
predictive analytics
seeks to predict the future by examining historical data, detecting patterns or relationships in the data & extrapolating these relationships forward in time.