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Further Discussion My Intro

The document discusses various types of business analytics, including descriptive, diagnostic, predictive, and prescriptive analytics, and their applications across different industries such as finance, human resources, marketing, healthcare, supply chain, government, sports, and web analytics. It emphasizes the importance of analytics in understanding trends, making informed decisions, and optimizing performance. Additionally, it highlights the challenges and opportunities presented by big data, characterized by its volume, velocity, variety, and veracity.

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MARIEL PAJARDO
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11 views10 pages

Further Discussion My Intro

The document discusses various types of business analytics, including descriptive, diagnostic, predictive, and prescriptive analytics, and their applications across different industries such as finance, human resources, marketing, healthcare, supply chain, government, sports, and web analytics. It emphasizes the importance of analytics in understanding trends, making informed decisions, and optimizing performance. Additionally, it highlights the challenges and opportunities presented by big data, characterized by its volume, velocity, variety, and veracity.

Uploaded by

MARIEL PAJARDO
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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FURTHER DISCUSSION

MY INTRO
BUSINESS ANALYTICS

• Descriptive
• Diagnostics
• Predictive
• Prescriptive
DIAGNOSTIC

• Answers the logical question: why did it happen?


• Helps determine the root cause of trends and correlations between variables.
• Example: subscriptions cancelled, orders
• Define the following and give examples as to how it is used in the industries.
• Descriptive Analytics
• Predictive Analytics
• Prescriptive Analytic
• Define the following and give example:
• Big Data is simply a set of data that cannot be managed, processed, or analyzed with commonly available software in a
reasonable amount of time. data represents opportunities, it also presents analytical challenges from a processing point of view
and consequently has itself led to an increase in the use of analytics.
• Example: when we purchase items and send of orders, when we create data to be registered or avail the services of a certain
application.

• volume
• velocity
• variety
• veracity
• List down the 4 types of Data and example in real world situation.
• Identify by citing examples how Business Analytics
are practiced in the field of the following:
• Financial Analytics - are numerous and pervasive.
Predictive models are used to forecast future
financial performance, to assess the risk of
investment portfolios and projects, and to
construct financial instruments such as derivatives.
Prescriptive models are used to construct optimal
portfolios of investments, to allocate assets, and to
create optimal capital budgeting plans.
• Example: GE Asset management uses
optimization models to decide how to invest its
own cash received from insurance policies and
other financial products.
• Human Resource (HR) Analytics - The HR function is charged with ensuring that the organization (1) has the mix of skill sets necessary to meet its needs, (2) is
hiring the highest-quality talent and providing an environment that retains it, and (3) achieves its organizational diversity goals.
• Sears Holding Corporation (SHC), owners of retailers Kmart and Sears, Roebuck and Company, has created an HR analytics team inside its corporate HR function.
• The team uses descriptive and predictive analytics to support employee hiring and to track and influence retention.

• Marketing Analytics - A better understanding of consumer behavior through the use of scanner data and data generated from social media has led to an increased
interest in marketing analytics. As a result, descriptive, predictive, and prescriptive analytics are all heavily used in marketing. A better understanding of consumer
behavior through analytics leads to the better use of advertising budgets, more effective pricing strategies, improved forecasting of demand, improved product line
management, and increased customer satisfaction and loyalty.
• Example: high-impact marketing analytics, automobile manufacturer Chrysler teamed with J. D. Power and Associates to develop an innovate set of predictive models to
support its pricing decisions for automobiles.

• Health Care Analytics - the increase because of pressure to simultaneously control cost and provide more effective treatment. Descriptive, predictive, and
prescriptive analytics are used to improve patient, staff, and facility scheduling; patient flow; purchasing; and inventory control. use of prescriptive analytics for
diagnosis and treatment is relatively new, but it may prove to be the most important application of analytics in health care.
• Supply Chain Analytics - earliest applications of analytics was in logistics and supply chain management. The core service of companies such as
UPS and FedEx is the efficient delivery of goods, and analytics has long been used to achieve efficiency. The optimal sorting of goods, vehicle and
staff scheduling, and vehicle routing are all key to profitability for logistics companies such as UPS, FedEx, and others like them.
• For example, the women’s apparel manufacturer Bernard Claus, Inc., has successfully used descriptive analytics to present the status of its supply chain
to managers visually.

• Analytics for Government and Nonprofits - use of analytics in government is becoming pervasive in everything from elections to tax
collections. For example, the New York State Department has worked with IBM to use prescriptive analytics in the development of a more
effective approach to tax collection. The result was an increase in collections from delinquent payers of $83 million over two years.
• Sports Analytics - use of analytics in sports has gained considerable notoriety since 2003 when renowned author Michael Lewis published
Moneyball, the story of how the Oakland Athletics used an analytical approach to player evaluation in order to assemble a competitive team
with a limited budget.
• use of analytics for off-the-field business decisions is also increasing rapidly. En suring customer satisfaction is important for any company, and fans are
the customers ofsports teams.
• Web Analytics - Web analytics is the analysis of online activity, which includes, but is not
limited to, visits to Web sites and social media sites such as Facebook and LinkedIn. Web
analytics obviously has huge implications for promoting and selling products and services
via the Internet.
• Leading companies apply descriptive and advanced analytics to data collected in online
experiments to determine the best way to configure Web sites, position ads, and utilize
social networks for the promotion of products and services.

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