Task

Performance
In
Business
Analytics

Submitted to:
Ma’am Ma. Elizabeth Lim

Submitted by:
Cada, Krishia Mae
Empredo, Ma. Rezel 2k
Guevara, Bea Patricia
Nabayat, Catleen

BSA/BSAIS-701
Instructions:
Watch the video from the link https://youtu.be/OM3SbIrPrzI.
In at least five (5) sentences each, answer the questions below:

1. Why is data an important asset in an organization?

➢ Because data is processed to extract value from it, it is a valuable asset in a business. The
source of the data generates and creates it. It's also one-of-a-kind in terms of depth and
context, and it can be leveraged strategically to keep us relevant and viable.
2. Compare the framework for business analytics and data value chain.
➢ The framework for business analytics and data value chain has a similarity in a way of
storing data in a data warehouse. These two categories perform the extracting,
transforming, and loading of data Also, these two have a difference to each other.
Framework for business analytics have analytics layer and report layer where they
analyzed using descriptive, predictive, and prescriptive analytics and they create written
document and so on. While the data value chain starts in data goes to information
wherein answered the question what happen, goes to insight answer the question why it
happens and last to imperative that answer the question what should be done next.
3. What are the advantages of performing the different types of analytics in an organization?
➢ Descriptive Analytics - Descriptive analysis is thought to be more comprehensive than
other quantitative methods, providing a more complete picture of an event or
phenomenon. To conduct descriptive research, any number of variables, or even a single
number of variables, can be used. This type of analysis is thought to be a better method
for gathering information because it describes relationships as natural and depicts the
world as it is. Because all trends are based on research into the real-life behavior of the
data, this analysis is very real and close to humanity.
➢ Diagnostic Analytics - With the proper use of diagnostic analytics, business leaders can
make decisions that result in year-over-year growth while also cutting costs. Business
leaders no longer have to deal with the uncertainty that usually comes with decision-
making because they now have a detailed, comprehensive picture of the situation to make
an informed decision. With diagnostic analytics, executives have absolute certainty that
they are making the right decisions, or at the very least, the decisions with the best
chances of success.
➢ Predictive Analytics - can detect and prevent criminal behavior by identifying patterns.
As the importance of cybersecurity grows, Predictive Analytics assists in detecting
anomalies that may indicate cyber vulnerabilities and threats. This enables organizations
to implement appropriate procedures and protect their data and business from fraud and
other online threats.
 ➢ Prescriptive Analytics - To accurately model complex scenarios for prescription analytics
to be possible, an accurate market twin must be created. The simulated environment
replicates current market conditions and consumer behavior, allowing business users to
run what-if scenarios in seconds. Prescriptive analytics recognizes that the market is
dynamic, necessitating a flexible, scalable approach to modeling. Prescriptive analytics
applications, which are built on descriptive, diagnostic, and predictive analytics, take into
account historical data and forecasting to provide the insight that businesses require.
Businesses now have a repeatable process to help them make decisions after running
multiple scenarios and comparing their results to what happened in the market to validate
the model.
4. Choose a quote from the internet and relate it to Business Analytics.
➢ "Never erase your past. It shapes who you are today and will help you to be the person
you'll be tomorrow." This quote by Ziad K. Abdelnour emphasizes how the past affects
your present life, and how you will be in the future base on how you live today. Just like
in business analytics. In here, you need to visualize and assess your company’s past and
present performance before you can come up with futuristic decisions. Since business
analytics applies data and predictive modeling to forecast what might happen in the
future.
5. How does data becomes business value?
➢ Data assists you in understanding and improving business processes, allowing you to
save money and time. Waste has an impact on every business. It depletes resources,
wastes time, and has a negative impact on the bottom line. Poor advertising decisions, for
example, can be one of the costliest wastes of a company's resources. However, with data
showing how different marketing channels perform, you can see which ones provide the
best Return on Investment and focus on those. Alternatively, you could investigate why
other channels aren't performing as well as they should and work to improve their
performance. This would allow you to increase your budget to generate more leads
without increasing your advertising spend.