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Business Analytics: Methods, Models, and Decisions, 1: Edition James R. Evans
Business Analytics: Methods, Models, and Decisions, 1: Edition James R. Evans
Business Analytics: Methods, Models, and Decisions, 1: Edition James R. Evans
- profitability of businesses
- revenue of businesses
- shareholder return
BA enhances understanding of data
BA is vital for businesses to remain competitive
BA enables creation of informative reports
by reducing prices.
The question is:
- delivery time
- package weight
- purchase price
Records
Figure 1.1
Figure 1.2
Figure 1.2
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eg
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characteristic
Categories bear no quantitative relationship to one
another
Examples:
observations
No true zero point
Ratios are not meaningful
Examples:
- temperature readings
- SAT scores
- monthly sales
- delivery times
idea, or object
Captures the most important features
Can be a written or verbal description, a visual
1-23
Figure 1.3
- data
- uncontrollable variables
- decision variables (controllable)
Types of model output
- performance measures
- behavioral measures
Figure 1.4
Influence Diagrams
visually show how
various model elements
relate to one another.
Figure 1.5
TC = F +VQ
TC is Total Cost
F is Fixed cost
V is Variable unit cost
Q is Quantity produced
Figure 1.6
Figure 1.7
Figure 1.8
Figure 1.9
actually happens.
competitors.
Analytics techniques
Typically involves experimentation, statistical
phase.
Incorporate subjective judgment as needed.
Understand limitations and model assumptions.
Make a decision utilizing the above information.
world.
Make the solution work in the organization by
(MS)
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publishing as Prentice Hall 1-46
Measure Predictive analytics
Measurement Prescriptive analytics
Metric Problem solving
Model Ratio data
Objective function Risk
Operations research Search Algorithm