Class 21

Question 1

strategies and tactics fall into two categories

Answer 1

offensive and defensive

Question 2

3 defensive strategies

Answer 2

• watch your cash
• review inventory replenishment
• reduce expenses

Question 3

business analytics is a combination of what two applications?

Answer 3

GPS and MapQuest

Question 4

descriptive analytics answers…

Answer 4

what has happened?

Question 5

predictive analytics answers…

Answer 5

what will happen

Question 6

prescriptive analytics answers…

Answer 6

what should happen?

Question 7

two primary approaches for prescriptive business analytics

Answer 7

• simulation
• optimization

Question 8

benefits of prescriptive analytics (6)

Answer 8

• improve performance
• increase efficiency
• maximize ROI
• drive agility
• mitigate risk
• address new planning challenges

Question 9

business analytics is not… (4)

Answer 9

• autopilot for companies
• substitute for knowledge and experience
• infallible “garbage in-garbage-out”
• a decision maker