Spreadsheet Modeling & Decision Analysis: A Practical Introduction to Business Analytics (MindTap Course List)
8th Edition
ISBN: 9781305947412
Author: Cliff Ragsdale
Publisher: Cengage Learning
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Chapter 1, Problem 6QP
What kinds of spreadsheet applications would not be considered business analytics?
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What exactly is business analytics, and what is its goal in terms of producing value from data?
What are the differences between business intelligence and business analytics? Why would one choose one over the other if a decision were made not to employ both?
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.
Chapter 1 Solutions
Spreadsheet Modeling & Decision Analysis: A Practical Introduction to Business Analytics (MindTap Course List)
Ch. 1 - Prob. 1QPCh. 1 - Prob. 2QPCh. 1 - Prob. 3QPCh. 1 - Prob. 4QPCh. 1 - What is the relationship between business...Ch. 1 - What kinds of spreadsheet applications would not...Ch. 1 - Prob. 7QPCh. 1 - Prob. 8QPCh. 1 - What is a dependent variable?Ch. 1 - What is an independent variable?
Ch. 1 - Can a model have more than one dependent variable?Ch. 1 - Can a decision problem have more than one...Ch. 1 - Prob. 13QPCh. 1 - Prob. 14QPCh. 1 - In what ways are descriptive models different from...Ch. 1 - Prob. 16QPCh. 1 - Prob. 17QPCh. 1 - Consider the spreadsheet model shown in Figure...Ch. 1 - Prob. 19QPCh. 1 - Prob. 20QPCh. 1 - Prob. 21QPCh. 1 - Prob. 22QPCh. 1 - Prob. 23QPCh. 1 - Prob. 24QPCh. 1 - Prob. 25QPCh. 1 - Prob. 26QPCh. 1 - Prob. 27QP
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- Discuss the concept of data integration in data warehousing. Why is it essential for effective data analysis in business intelligence?arrow_forwardIt's the key distinction between business intelligence and analytics that makes the two distinct from each other.arrow_forwardIs a knowledge of statistics required to use business intelligence (BI) tools? In what way would this be useful?arrow_forward
- 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.arrow_forwardSo, what exactly is business data modeling, and how does it function?arrow_forwardWhy is data integration being implemented in Business Intelligence?arrow_forward
- What are the differences between descriptive, predictive, and prescriptive analytics? Explain in detail with examples how each of these can be useful in the current business world.arrow_forwardWhich types of application one can prefer to use Bagging and boosting methods for predictive analytics and how it can be used?arrow_forward1. What is your definition of Business Analytics?arrow_forward
- What factors should organizations consider when implementing data lakes for real-time data analytics and decision-making?arrow_forwardExplore the ethical considerations of using AI-powered algorithms to predict and preempt customer conflicts. How can companies balance predictive analytics with privacy concerns?arrow_forwardWhat are the advantages of analyzing and experimenting with a model as opposed to a real object or situation?arrow_forward
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