BUSINESS ADMINISTRATION
BUSINESS ANALYTICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What statement below best describes why we do data analytics in business?
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Analytics improve our understanding of how the business works
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We must show a return on the investment we make in data & analytical resources
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We need specific insights to make business decisions
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We have to calculate & report financial results to owners / shareholders
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Explanation:
Detailed explanation-1: -Correct The primary reason we do analytics in business is to enable specic decisions to be made.
Detailed explanation-2: -Data analytics is the science of analyzing raw data to make conclusions about that information.
Detailed explanation-3: -To gain insights from data, Data Analytics use statistical approaches.
Detailed explanation-4: -The chief aim of data analytics is to apply statistical analysis and technologies on data to find trends and solve problems. Data analytics has become increasingly important in the enterprise as a means for analyzing and shaping business processes and improving decision-making and business results.
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