BACHELOR OF BUSINESS ADMINISTRATION

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BUSINESS ADMINISTRATION

BUSINESS ANALYTICS

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
If something has never been done before, it’s hard to get data about it. The obvious analytical response in such a situation is to perform a small-scale randomized test on the idea and see if it works.
A
When There’s No Data
B
When There’s No Precedent
C
When the Decision Maker Has Considerable Experience
D
When the Variables Can’t Be Measured
Explanation: 

Detailed explanation-1: -Structured thinking is the process of recognizing the current problem or situation, organizing available information, revealing gaps and opportunities, and identifying the options.

Detailed explanation-2: -There are four types of analytics, Descriptive, Diagnostic, Predictive, and Prescriptive. The chart below outlines the levels of these four categories. It compares the amount of value-added to an organization versus the complexity it takes to implement.

Detailed explanation-3: -Descriptive Analysis It is the simplest and most common use of data in business today. Descriptive analysis answers the “what happened” by summarizing past data, usually in the form of dashboards.

Detailed explanation-4: -To gain insights from data, Data Analytics use statistical approaches. Organizations can use data analytics to uncover trends and develop insights by analyzing all of their data (real-time, historical, unstructured, structured, and qualitative).

There is 1 question to complete.
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