HUSHALICTMY /IBM2101

Tutorial 1
IBM 2101.
Question 1

(a) Briefly explain the term “Business Analytics and Optimization “and state FOUR
(4) ways how this can improve your business and help you to manage risk.

Business Analytics and Optimization is deriving insights from data in order to make
decisions. Business Analysis can help organizations understand information in their
business environment at the speed of business development. You can discover
insights from all types of data faster and easier.

One of the way is analyze data to identify business opportunities. Data analysis
can usually improve efficiency, but it can also help identify new business
opportunities that may be overlooked, such as untapped customer groups.
In this way, manage risks can be reduced, and the possibility of business expansion
can be increased.
Second of the way is identify your ideal customer. With the help of data analysis,
companies can obtain more detailed information about customers to analyze the
purchasing and internet surfing patterns of your customer and implementing them
to provide accurate and actionable information will stimulate consumer instincts
and insert your brand into the minds of consumers. It can better reduce your
management risk and build a more complete customer base.
Third of the way is to analyze and improve the problem. We can break down the
problem and observe it by measuring the data. We can continuously decompose
the problem, compare, subdivide and check to define the basic link. It can prevent
management risks.
Fourth of the way is to use data to improve internal processes. Through data
analysis, business operators can have a clearer understanding of their efficiency
and inefficiency within the organization, which means that when problems occur
within the company, professionals with analytical background can ask questions,
and then they can quickly find the root of the problem Cause and solve it. This
ensures that no risks will occur in the future.

(9 marks)
(b) Describe the challenges of current business analytics.(Describe the 4 V’s)

Volume - It makes data "big" because it makes no sense to focus on the smallest
storage unit, because the amount of information grows exponentially every year.
Variety - As more and more information is digitized, diversity is one of the most
interesting developments in technology. It is usually one of three types of
structured, semi-structured and unstructured data.
Veracity - This refers to inconsistent and low-quality data, and refers to incomplete
data with or with errors. This makes it more difficult for companies to access
Page 1 of 3
 HUSHALICTMY /IBM2101

integral data sets to increase data intelligence.

Velocity - This refer the frequency of incoming data that needs to be processed.
High velocity data is generated with such a speed that separate processing
techniques are needed.

(8 Marks)

(c) Explain the following :-

i) Descriptive Analytics – descriptive analysis is to extract raw data and
analyze, and then compare that have better understood the changes
in the organization.
ii) Prescriptive Analytics – Prescriptive analytics can predict what will
happen in the future through the analysis of raw data and take
corresponding measures of strategies.
iii) Predictive Analytics – Predictive analytics is the use of statistics and
modeling techniques to determine future performance to determine
if those patterns are likely to emerge again and adjust the better
decision.
(3 Marks)
Answer All

Machine Operational Unstructured Strategic Big Data streaming

Learning Decision data decision data

Structured Artificial Tactical Traditional Optimization Data

data Intelligence Decision Analysis Mining

1) Data that has no inherent structure Unstructured data example text

documents, images, audio, and video.
2) Training computers to develop models or algorithms automatically Machine
Learning
3) Data containing a defined data type and format example spread sheets,
transaction data. Structured data
4) Synthesis and analysis of computational agents that act intelligently. Artificial
Intelligence
5) Broad term for data sets so large or complex that traditional data processing
applications are inadequate Big Data
6) Historical fact-finding with data-at-rest. Traditional Analysis
7) Real-time analysis of data-in – motion. Streaming Data
8) Scheduling production on individual work center, Assigning workers to shift,
settling security trade will be done by Operational decision
9) Production planning, marketing campaign, material procurement, staffing will
be done by Tactical decision
10 Focused on extracting pattern and previous unknown facts from large volume
) of data. Data mining

Page 2 of 3
 HUSHALICTMY /IBM2101

(10 marks)

Page 3 of 3