BUSINESS ADMINISTRATION
BUSINESS ANALYTICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Detailed explanation-1: -The process of turning raw data into business action is the framework for Business Analytics. There are 3 steps in turning data into analytics which are Data Extraction, Data Warehousing and the Extract, Transform, or Load Processes (ETL).
Detailed explanation-2: -What is predictive analytics? Predictive analytics is a branch of advanced analytics that makes predictions about future outcomes using historical data combined with statistical modeling, data mining techniques and machine learning.
Detailed explanation-3: -Usually, an organization uses prescriptive analytics to identify the decisions or actions that will optimize the performance of a system. Organizations have used prescriptive analytics to set prices, create production plans, and identify the best locations for facilities such as bank branches.
Detailed explanation-4: -Prescriptive analytics, when used effectively, provides invaluable insights in order to make the best possible, data-based decisions to optimise business performance.