ZANDUETA, Alexandra P.

BSBA – HRM 4 – 4N
Prof. Sandra Marcos
Fundamentals of Prescriptive Analytics

INDIVIDUAL ASSIGNMENTS:

CHAPTER #1

1. What is decision making

Decision-making is the process through which an individual or organization

defines the problem, determines a variety of potential solutions, assesses those potential
solutions, and evaluates the option that will help their company operate more
successfully.

2. Types of decision making

Making decisions is a responsibility of the manager. It may be necessary to make

difficult decisions for the organization's overall welfare. Decision making can be
classified as either strategic, tactical, or operational. Organizational direction is
determined by strategic decisions. Decisions made at the tactical decisions affect how
tasks will be completed. Finally, operational decisions are those that staff members take
on a daily basis to manage the company.

3. What is business analytics?

Business analytics is a scientific method for turning data into knowledge to

influence in decision-making. Business analytics, which is generally thought of as being
more objective than other alternatives, is used to make decisions based on data or facts.

4. Types of analytics, definition and purpose.

There are three different forms of analytics to help them make decisions:
 Descriptive analytics, which explain what has occurred by analyzing past data
using two important techniques—data aggregation and data mining—to find
trends and patterns.
 Predictive analytics, which show us what might happen. It is a more advanced
technique for data analysis that makes predictions about what might occur in the
future using probability. These forecasts can then be utilized to resolve issues and
identify future growth and opportunities.
 Prescriptive analytics, which explain what ought to occur going forward. It
identifies the best course of action for businesses by presenting them with the raw
results of their potential actions. It focuses on its ability to evaluate and
measure the effects of a decision based on several future possibilities and then
 suggest the best course of action to pursue in order to meet a company's
objectives.

5. Importance of business analytics

Every organization in the modern business environment seeks to increase the

effectiveness of their decision-making, and business analytics gives them that advantage.
The fact that business analytics may be used in numerous contexts is what sets it apart.
Business analytics includes data analysis to build prediction models, the use of
optimization strategies, and sharing the outcomes with staff and clients. It applies a data-
driven methodology to the business world and, as a result, relies on statistics and data
modeling to produce business insights. Through their daily activities, they increase
operational effectiveness. assist companies in better understanding their clients. Business
makes predictions about the future through data visualization. These perceptions support
future planning and decision-making.

6. What is data, big data,

Data is a collection of figures and raw facts that can be a number, letter or picture. It
is based on observation and records. Big data is data set so large or complex that
traditional methods of storing, accessing and analyzing is too expensive.

7. What are the characteristics of big data and its definition

There are three characteristics that define Big Data:

 Volume refers to the size and amounts of big data that companies manage and
analyze. We measure the volume of our data in Gigabytes, Zettabytes (ZB), and
Yottabytes (YB).
 Variety refers to the different types of big data. The various forms of big data are
referred to as variety. the diversity and scope of many data types, including raw
data, semi-structured data, and unstructured data. As it affects performance, it is
one of the main problems the big data industry is currently dealing with. It's
crucial to organize your data so that you can manage the diversity of it effectively.
Variety is the wide range of information you collect from numerous sources.
 Velocity refers to the speed of data processing at which companies receive, store
and manage data. Any big data process must operate at a high velocity to be
effective. It consists of the change rate, activity spikes, and linkage of incoming
data sets.

8. Techniques of big data and its definition

There are 7 widely used Big Data analysis techniques:

 Association rule learning is a method for discovering interesting correlations
between variables in large databases.
  Statistical classification is a method of identifying categories that a new
observation belongs to. It requires a training set of correctly identified
observations – historical data in other words.
 Genetic algorithms are inspired by the way evolution works – that is, through
mechanisms such as inheritance, mutation and natural selection. These
mechanisms are used to “evolve” useful solutions to problems that require
optimization.
 Machine learning includes software that can learn from data. It gives computers
the ability to learn without being explicitly programmed and is focused on making
predictions based on known properties learned from sets of “training data.”.
 Regression analysis involves manipulating some independent variable to see how
it influences a dependent variable. It describes how the value of a dependent
variable changes when the independent variable is varied. It works best with
continuous quantitative data like weight, speed or age.
 Sentiment analysis helps researchers determine the sentiments of speakers or
writers with respect to a topic.
 Social network analysis is a technique that is now being applied to analyze the
relationships between people in many fields and commercial activities. Nodes
represent individuals within a network, while ties represent the relationships
between the individuals.

9. Why do we need to process big data

The often-challenging process of analyzing big data to find information that might
assist businesses in making wise decisions about their operations, such as hidden patterns,
correlations, market trends, and customer preferences, is known as big data analytics.
Organizations may harness their data and use big data analytics to find new opportunities.
This results in wiser company decisions, more effective operations, greater profitability,
and happier clients. Businesses that employ big data and advanced analytics benefit in a
variety of ways, including cost reduction. And it is efficient to work in an organized large
amount of data. 

References:

BBC. (2022). Types of decisions - decision making - higher business management revision -

BBC bitesize. BBC News. Retrieved October 24, 2022, from
https://www.bbc.co.uk/bitesize/guides/zkdc7nb/revision/1 

Chai, W., Labbe, M., & Stedman, C. (2021, December 14). What is Big Data Analytics and why
is it important?SearchBusinessAnalytics. Retrieved October 24, 2022, from
https://www.techtarget.com/searchbusinessanalytics/definition/big-data-analytics 

Sonkar, S. (2020, November 25). What is Big Data: Characteristics of big data - volume,
velocity, variety. Analytics Vidhya. Retrieved October 24, 2022, from
 https://www.analyticsvidhya.com/blog/2020/11/what-is-big-data-a-quick-introduction-for-
analytics-and-data-engineering-beginners/ 

Stephenson, D. (2019, December 12). 7 big data techniques that create business value. Firmex
Resources. Retrieved October 24, 2022, from https://www.firmex.com/resources/blog/7-
big-data-techniques-that-create-business-value/