MIS171 Lecture Notes - Lecture 1: Pitney Bowes, Online Transaction Processing, Cognos
Document Summary
Business analytics: any data-driven process that provides insight. Aims to add value through this insight and turn data into information e. g. reporting, trending, segmentation, predictive. It leverages all forms of analytics to achieve business outcomes and adds to just analytics by requiring: There is a strong relationship between ba and: profitability of businesses, revenue of businesses, shareholder return. Ba enhances the understanding of data, is vital for businesses to remain competitive and enables the creation of informative reports. Ba begins with the collection, organisation and manipulation of data and is supported by three major components: descriptive analytics, predictive analytics, prescriptive analytics. Uses data to understand past and present performance and make informed decisions. It is the most commonly used and well understood component. Uses fundamental tools and methods of data analysis, focusing on: Analyses past performance in an effort to predict future outcomes by: Uses optimisation to identify the best alternative to minimise or maximize some objective.
