Answer To: BUS5PB - Principles of Business Analytics Assignment 02: Descriptive Analytics in Practice Marks:...
Pooja answered on Apr 29 2021
Table of Contents
Task 1 3
1) 3
2) 3
3) 4
4) 4
Task 2 8
Part a) 8
Part b) 9
References 11
Task 1
1)
Strategic management make use of company resources, abilities, skills, competency to the maximum extent of the output simply put the ability of a company to create the required structure and function necessary for the growth of the company in order to constantly be able to manage their resources, the needs of the customer, the competition in the market as well as in order to achieve the mission and vision. Pearce, J. A., Robinson, R. B., & Subramanian, R. (2000).
Competitive advantage can be understood as the presence of factors which in the minds of customers provide a factor of value or differentiation which allows them to deal with the factor of competition and make use of the market better. Porter, M. E., & Millar, V. E. (1985).
The value proposition can be defined as any processes of the company which and strategic, operational supply chain value to the company, making it easy for them to develop new innovations. Competitive factors of being able to attract customers as well as the values that provide the factors of the distinction.
2)
Descriptive analytics summarizes key features of available data in quantitative format which is uses to evaluate sales and marketing numbers. The main features of descriptive statistics are measures of central tendency, measures of variation, distribution of variable, and graphical representation. Abbasi, A., Li, W., Benjamin, V., Hu, S., & Chen, H. (2014, September).
Prescriptive analytics is more of prescribe analysis in qualitative manner just like recommendations helpful in operational plans and budgeting.
Predictive analytics as name suggests is more of accurate prediction based on data crunching algorithms which gives forecasting and trends in future helpful to forecast revenue and profits in accounting. Predictive analysis helps us to predict the dependent variable on the basis of independent variables. We can predict sales on the basis of gender, income, quantity etc. Siegel, E. (2013).
Exploratory analytics is more of data visualization and summarisation of key parameters used for assessing business performance and trends. Frequency distribution, pie chart and bar chart are representative of variables measured by the nominal or ordinal scale of measurement. Scatterplot is used to measure linear relationship between sales and profit. For scatterplot both variables should be measured by the ratio scale of measurement. Gibson, D., & de Freitas, S. (2016).
3)
CRISP-DM stands for Cross-industry process for data mining. This method provides a structured approach to planning on the data mining project. This method is useful when using analytics to solve the theory of business issues. Wirth, R., & Hipp, J. (2000, April).
This model is an idealized sequence of events. And practice many of the tasks can be performed in a different order and it will often be necessary to Back track to the previous task and repeat certain actions. Process of CRISP-DM is as follows.
(i) Business understanding
(ii) Understanding of the data
(iii) Data preparation
(iv) Modelling
(v) Evaluation
(vi) Deployment
4)
Business Intelligence is utilizing the data to take business decisions by collecting, monitoring and reporting data for interpretation. It mainly helps to filter out the relevant data out of the vast existing data to find out the trends and patterns of the past and present so that it can be used to make better decisions for current operations. Minelli, M., Chambers, M., & Dhiraj, A. (2012).
It improves the overall operational efficiency and fosters growth and productivity in an organization. Also, it provides rich data...