Description
Analytics. Create an analytics plan. How does your company use analytics?How should they use analytics?What are the possibilities in marketing and other areas for the sophisticated use of data? What data is not being used and mined well in your company? Use at least three sources for your paper.(4-5 pages)
Explanation & Answer
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Running head: ANALYTICS MANAGERIAL DECISION MAKING
Analytics Managerial Decision Making
Name:
Institution:
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ANALYTICS MANAGERIAL DECISION MAKING
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Analytics Managerial Decision Making
Introduction
Business analytics refers to a practice of interactive, iterative continuous assessment and
investigation of organization's previous data to gain insight and move business planning. Based
on statistical methods and data, business analytics emphases on developing new perceptions and
understanding of business performance.
Traditionally business intelligence applied set of
metrics to guide business planning and measure business past performance, which is contrary to
analytics. Analytics extensively use predictive modeling, statistical analysis, and fact-based
management to initiate organization decision making. Therefore, analytics may be an essential
input for business human decisions, or it may fully launch automated organization decision
(Rouse, 2018).
Business analytics is broadly categorized into two major divisions that are business
intelligence and statistical analysis. Business intelligence involves assessment of historical data
to understand how organization departments and its individual staff members performance over a
particular time. For that reason, it is a mature analytical practice that most enterprises use. The
statistical analysis applies the arithmetic algorithm of past data to predict the future performance
of a service or product. It can also use cluster analysis which is advanced analytics to group
customer based on resemblances cro...
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