BACHELOR OF BUSINESS ADMINISTRATION

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BUSINESS ADMINISTRATION

BUSINESS ANALYTICS

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
For example, past data on product sales may be used to construct a mathematical model to predict future sales, which can factor in the product’s growth trajectory and seasonality based on past patterns.
A
Predictive Analytics
B
Descriptive Analytics
C
Prescriptive Analytics
D
Data Dashboard
Explanation: 

Detailed explanation-1: -A forecasting model is a tool that business leaders use to anticipate sales, revenue, leads, new customers, supply and demand, and other core functions using historical data about the business. Annual goals are set based on the information produced by the forecasting model.

Detailed explanation-2: -Predictive analytics uses historical data to predict future events. Typically, historical data is used to build a mathematical model that captures important trends. That predictive model is then used on current data to predict what will happen next, or to suggest actions to take for optimal outcomes.

Detailed explanation-3: -Concept: The historical forecasting method works by taking the previous sales data for a certain period and assuming that your sales will be better. The problem with the historical forecasting method is it doesn’t put into account the dynamic market changes.

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