1 Foundations of Business Analytics Free Online FlashCards

What is the purpose of business analytics?

Business analytics turns a business need into evidence that can guide action.

What makes a business request an actionable analytical question?

A focused analytical question identifies the outcome, population and scope, decision to support, and relevant constraints.

How does an analytical problem differ from a business problem?

The business problem describes a practical need; the analytical problem identifies the evidence needed to support a decision about that need.

Why involve affected stakeholders when framing an analytics project?

Stakeholder agreement helps ensure the project addresses the right practical need.

How does a KPI differ from a metric?

A metric measures performance or progress; a KPI is a metric selected as especially important to a business objective.

What information makes a metric interpretable and repeatable?

Specify its name and purpose, operational definition, numerator and denominator if it is a rate, population and period, data source and owner, and baseline and target.

How is the on-time delivery rate defined?

It is eligible online orders delivered by the promised date divided by all eligible online orders delivered during the measurement period.

What rules help teams calculate an on-time delivery rate consistently?

Specify how canceled orders, partial deliveries, and missing promised dates are handled so teams calculate the measure consistently.

What is the role of guardrail measures?

Guardrails are additional measures that monitor side effects, such as shipping cost per order or customer complaints while delivery speed is improved.

Why establish a baseline before an intervention?

A baseline records the starting level, allowing later performance to be compared with conditions before the intervention.

What are the main stages of the business analytics workflow?

The workflow moves from defining the problem and framing a question to setting measures, checking feasibility, preparing and analyzing data, interpreting findings, then deciding, acting, and monitoring.

Why might an analytics team revisit earlier workflow choices?

It is a guide, not a one-way checklist; data limits, unexpected results, or stakeholder feedback may require revisiting questions, measures, or assumptions.