BUSINESS ADMINISTRATION
BUSINESS ANALYTICS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Evidence Based Decisions
|
|
|
Data Driven Decisions
|
|
|
Better DecisionsAll of these are correct
|
|
|
All of these are correct
|
Detailed explanation-1: -The answer is D, all of these are correct. Business analytics use historical evidence in models. Evidence based decisions rely on previous performance to determine future decisions. These would result from using business analytics.
Detailed explanation-2: -The four most popular types of business analytics are descriptive, diagnostic, predictive, and prescriptive.
Detailed explanation-3: -There are three types of analytics that businesses use to drive their decision making; descriptive analytics, which tell us what has already happened; predictive analytics, which show us what could happen, and finally, prescriptive analytics, which inform us what should happen in the future.
Detailed explanation-4: -It is an encompassing and multidimensional field that uses mathematics, statistics, predictive modeling and machine learning techniques to find meaningful patterns and knowledge in recorded data. Big Data. Analytics.