Midterm Business Analytics and Intelligence

Midterm Business Analytics and Intelligence
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Midterm Business Analytics and Intelligence
Answer 1
Descriptive or reporting analytics informs a person what occurred in the past. For example, a business can understand its financial position at the end of its trading year by analyzing its financial statements using charts, graphs, and balance statements. Predictive analytics predict what will happen in the future by using simulations. For instance, based on past financial statements, a firm can know its trends through projections. In addition, prescriptive analytics recommend proper strategies that a business can implement to influence its outcomes. For example, if a company understands that it’s losing money due to increased employee turnover, it can come up with effective ways to retain good-performing workers, such as giving bonuses.
Answer 2 (a)
Artificial intelligence (AI) fosters multi-tasking and facilitates the efficient use of resources.
Additionally, AI enhances a quick and effective decision-making process.
AI saves money and time since it automates and optimizes routine tasks and processes.
(b)
The primary driver of AI is technological advancement, which has led to the surge of numerous applications.
Data analytics is another AI driver since businesses have realized that they can use recorded data to make future predictions.
Many firms have implemented technology, and they need AI to improve data security and privacy.
Answer 3
Big data refers to a large set of unstructured, semi-structured, and structured data that companies gather over time. In other terms, it involves the collection of voluminous data that grows exponentially with time. In particular, the search engine is a perfect example of a big data application. The data av...