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MindTap Business Statistics for Ragsdale's Spreadsheet Modeling & Decision Analysis, 8th Edition, [Instant Access], 2 terms (12 months)
8th Edition
ISBN: 9781337274876
Author: Cliff Ragsdale
Publisher: Cengage Learning US
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Textbook Question
Chapter 1, Problem 6QP
What kinds of spreadsheet applications would not be considered business analytics?
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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?
Provide an example of a business decision where business analytics should never be used. Defend your answer and explain what would have to change in this situation to make business analytics appropriate.
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
MindTap Business Statistics for Ragsdale's Spreadsheet Modeling & Decision Analysis, 8th Edition, [Instant Access], 2 terms (12 months)
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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- 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_forwardDiscuss the concept of data integration in data warehousing. Why is it essential for effective data analysis in business intelligence?arrow_forwardInvestigate the use of data modeling in data warehousing and business intelligence. How does it support decision-making processes?arrow_forward
- Discuss why is predictive analytics analysis the next logical step in any business analytics (BA) process?arrow_forwardAnalyze the impact of data warehousing in business intelligence and decision-making processes, using real-world examples.arrow_forwardWhat are the advantages of predictive analytics?arrow_forward
- So, what exactly is business data modeling, and how does it function?arrow_forwardWhich types of application one can prefer to use Bagging and boosting methods for predictive analytics and how it can be used?arrow_forwardProvide an explanation for the operation of predictive analytics and a scenario in which it might be useful.arrow_forward
- Provide an explanation of the operation of predictive analytics and a practical application of the method.arrow_forwardBusiness 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.arrow_forwardBusiness is an example for both descriptive and inferential statistics. Why is this so?arrow_forward
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