Business Analytics

• Business Analytics - it is the process of developing actionable decisions or recommendations for actions based on insights generated from historical data.
• Business Intelligence - it has been defined as a broad category of applications, technologies, and processes for gathering, storing, accessing, and analyzing data to help business users make better decisions.
• Management - it is a process by which an organization achieves its goals through the use of resources.
• These resources are considered to be inputs. Achieving the organization's goals is the output of the process.
• Decision - it refers to a choice among two or more alternatives that individuals and groups make.
• Operational Control - Executing specific tasks efficiently and effectively
• Management Control - Acquiring and using resources efficiently in accomplishing organizational goals.
• Strategic Planning - The long-range goals and policies for growth and resource allocation
• Extract, Transform, and Load - Organization integrate and "clean" these data into data marts and data warehouses through a process called
• The Development of One or a Few Related Analytics Applications - This target is often a point solution for a departmental need, such as campaign management in marketing.
• The Development of Infrastructure to Support Enterprisewide Analytics - This target supports both current and future analytics needs.
• Support for Organizational Transformation - With this target, a company uses business analytics to fundamentally transform the ways it competes in the marketplace.
• Online Analytical Processing - is a database technology that allows users to query and analyze data in a variety of dimensions and formats.
• OLAP - it involves "slicing and dicing" data stored in a dimensional format, drilling down in the data to greater detail, an aggregating the data.
• Data Mining - it refers to the process of searching for valuable business information in a large database, data warehouse, or data mart.
• Decision Support Systems - combine models and data to analyze semistructured problems and some unstructured problems that involve extensive user involvement.
• Models - these are simplified representations, or abstractions, of reality.
• Sensitivity Analysis - it examines how sensitive an output is to any change in an input while keeping other inputs constant.
• What-if Analysis - It attempts to predict the impact of changes in the assumptions (input data) on the proposed solution.
• Goal-Seeking Analysis - it represents a "backward" solution approach. It attempts to calculate the value of the inputs necessary to achieve a desired level of output.
• Descriptive Analytics - summarize what has happened in the past and allow decision makers to learn from past behaviors.
• Predictive Analytics - utilize a variety of analytics techniques and tools to examine recent and historical data in order to detect patterns and predict future outcomes and trends.
• Prescriptive Analytics - does not predict one possible future, but rather multiple future outcomes based on decision maker's actions.
• Dashboard - provides easy access to timely information and direct access to management reports.
• Drill Down - The ability to go to details, at several levels; it can be done by a series of menus or by clicking on a drillable portion of the screen.
• Critical Success Factors - The factors most critical for the success of business. These can be organizational, industry, departmental, or for individual workers.
• Key Performance Indicators - The specific measures of CSFs.
• Status Access - The latest data available on KPI or some other metric, often in real time.
• Trend Analysis - Short-, medium-, and long-term trend of KPIs or metrics, which are projected using forecasting methods
• Exception Reporting - Reports highlight deviations larger than certain thresholds. Reports may include only deviations.
• Management Cockpit - is a strategic management room containing an elaborate set of dashboards that enable top-level decision makers to pilot their businesses better.
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  Geographic Information System - is a computer-based system for capturing, integrating, manipulating, and displaying data using digitized maps. Its most distinguishing characteristic is that every record or digital object has an identified geographical location. ulating, and displaying data using digitized maps. Its most distinguishing characteristic is that every record or digital object has an identified geographical location.
• Geocoding - enables users to generate information for planning, problem solving, and decision making.
• Intelligence Phase - in which managers examine a situation and then identify and define the problem or opportunity
• Design Phase - decision-makers construct a model for addressing the situation
• Choice Phase - involves selecting a solution or course of action that seems best suited to resolve the problem
• Problem Structure - where decision-making processes fall along a continuum ranging from highly structured to highly unstructured
• Structured - deal with routine and repetitive problems for which standard solutions exist
• Semi-structured - require a combination of standard solution procedures and individual judgement
• Unstructured - intended to deal with "fuzzy", complex problems for which there are no cut-and-dried solutions