Explain the meaning of business analytics and its role in generating value from data. Distinguish between model and modelling, and explain the steps in solving business problems using analytics.
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Explain the meaning of business analytics and its role in generating value from data. Distinguish between model and modelling, and explain the steps in solving business problems using analytics.
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- Stock market analysts are continually looking for reliable predictors of stock prices. Consider the problem of modeling the price per share of electric utility stocks (Y). Two variables thought to influence this stock price are return on average equity (X1) and annual dividend rate (X2). The stock price, returns on equity, and dividend rates on a randomly selected day for 16 electric utility stocks are provided in the file P13_15.xlsx. Estimate a multiple regression equation using the given data. Interpret each of the estimated regression coefficients. Also, interpret the standard error of estimate and the R-square value for these data.Sales for the past 12 months at computer success are given here: January 3,000 July 6,300 february 3,400 August 7,200 March 3,700 Sept 6,400 April 4,100 Oct 4,600 May 4,700 Nov 4,200 June 5,700 December 3,900 a. Use a 3-month moving average to forecast the sales for the months May through December b. Use a 4-month moving average to forecast the sales for the months May through December C. Compare the performance of the two methods by using the mean absolute deviation as the performance criterion. Which method would you recommend? d. Compare the performance of the two methods by using the mean absolute percent error as the performance criterion. Which method would you recommend? e. Compare the performance of the two methods by using the mean squared error as the performance criterion. Which method would you recommend?Determine the type of business analytics for the following scenarios. A. Imagine you are a meteorologist. You have to foretell the weather for the next two weeks by analysing the data from the satellites. Here, you have to apply advanced statistical, information software, or operations research methods to identify predictive variables and build predictive models. Discuss in detail which type of business analytics will be suitable for this scenario.
- Descibe and analyze how the Trend Approach in data analysis is the monitoring of variables to see how they change over time and how they can be used to predict future variable values. Discuss trend analysis in depth and the reasons companies rely on such strategy in their business operations. Discuss how Trend Analytics may encourage awareness and help a brand to grow. What are three examples of Trend Analysis that can be offered, that may help an organization gain a competitive edge in the industry in which it operates? Please utilize relevant Digital Marketing Analytics in the response.What type of analytics seeks to recognize what is going on as well as the likely forecast and make decisions to achieve the best performance possible? domain predictive prescriptive descriptive What does the robustness of a data mining method refer to? its ability to construct a prediction model efficiently given a large amount of data its speed of computation and computational costs in using the mode its ability to overcome noisy data to make somewhat accurate predictions its ability to predict the outcome of a previously unknown data set accuratelyPresent and discuss in detail the benefits and challenges of two applications of forecasting in Business Management.
- Hide Assignment Information Instructions Exercise #5 For this week exercise, we need to try a few logit models (see this link for more information: LOGIT REGRESSION) If you have chosen to work with Excel, please run above three models and complete the following tables. Model 1: Run a regression model and use being a member of network and find out its impact on hospital cost? (Model 1) Model 2: For the 2nd model run a regression model and use being a member of network and find out its impact on hospital cost and hospital revenue? (Model 2) Model 3: For the 3rd model run a regression model and use being a member of network and find out its impact on ratio-Medicare-discharge and ratio-Medicaid-discharge. Based on your finding please recommend 3 policies and discuss the impact of being on a network on hospital cost, hospital revenue and out its impact on ratio-Medicare-discharge and ratio-Medicaid-discharge. Do you recommend keeping membership for a hospital? Why or why not?Discuss the use of data cubes and multidimensional modeling for advanced analytics in data warehousing.What is the difference between a simple regression equation and a multiple regression equation?
- Distinguish between Historical Analogy and the Delphi Method forecasting and discuss a business application suitable for each methodology. In each example, discuss why the chosen method (Historical Analogy or Delphi) is more appropriate than the other. Use -- Evans, J. (2020). Business analytics (3rd ed.). Pearson.. Suppose that you are working as an analyst. Your task is to value company XYZ based on financial data available for this company. Discuss how you would go about doing this using themultiple growth rate Gordon growth model. Critically evaluate your approach by discussing any assumptions you make (about forecasts, discount rate etc.). What data is needed to value XYZ?Answer in Excel: Consider the data below for the sales of widgets: 1. Using seasonal percentages or seasonal indexes, forecast the sales for each season in year 4, if the annual widgets sales is predicted to be 1500. 2. Develop a regression equation that captures both the trend and seasonality in this data. Use this equation to forecast the sales for each season in year 4. Season Year 1 Year 2 Year 3 Fall 505 240 210 Winter 555 460 365 Spring 400 310 204 Summer 560 450 394