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1. . Write an essay on the importance of Statistical Analysis to business
2. Describe 2 techniques in Data Analytics
Step by step
Solved in 4 steps
- Under what conditions might a firm use multiple forecasting methods?Using Table 5.3, choose the appropriate survey method(s) you would use to collect primary data for one of your information needs. What sampling method would you use?In precise terms: 1. What is business analytics? What is the processes and problems? Give illustrations. 2. What are the differences and similarities of data collection and data mining? Give illustrations. 3. What are the differences and similarities of descriptive, diagnostic, predictive and prescriptive? Give illustrations.
- Is a knowledge of statistics required to use business intelligence (BI) tools? In what way would this be useful?Why is it important to match the form of the data that is entered to statistical technique used for analysis?Which of the following are the four important components in the definition of business statistics as a discipline? Hint: There are four correct answers. a. calculators b. certainty c. data d. uncertainty e. qualitative skills f. informed decision g. computer software h. quantitative skills
- If a manager asked you whether to use time-seriesforecasting models or regression-based forecastingmodels, what would you tell him or her?list 5 types of quantitative data analysis methods, pros and cons of each methodBusiness analytics can be of three types: descriptive, predictive, and prescriptive. Describe each of those. Imagine you are a data analyst in FedRetail, an online retail shop. Your manager wants a forecast of the sell in the upcoming Christmas season. What kind of analysis you should do to find out your manager's query? Explain.
- q25- Which data analytics type focuses on answering the question “How many computer monitors should we prepare for the next year-end sales?” Select one: a. Prescriptive analytics b. Predictive analytics c. Descriptive analytics d. Diagnostic analyticswhich of the following are charactersitics of qualitative forecasting methods? 1. Function of past data,2. Non numerical data , 3. useful when past data is avaialable , based on 4. broad range of knowledge , personal judgement, and intuition?Critically discuss the following methods and or instruments of data collection. For each method, highlight TWO advantages and TWO disadvantages. 4.2 Questionnaire