TAKE HOME QUIZ 1. It serves as the foundation of the successful application of predictive and prescriptive analytics and can also be referred to as Business Intelligence.
Descriptive Analytics
2. What are the advantages of using business analytics software versus traditional spreadsheets?
Easy access to the data A business intelligence solution can collect information from multiple and often disparate systems as well as from various geographic locations within an organization and consolidate it into a single and integrated portal, making it easy for managers to access all the data for comprehensive reporting, auditing and predictive analysis.
Equal access to the data The data is gathered electronically and delivered in an easy-to-understand format, allowing even the most nontechnical users to understand the business and determine the factors that drive day-to-day activity.
More accurate information A business intelligence solution can remove the multiple of spreadsheets – many of which contain errors, omissions or duplicate information – from the organization.
Faster response times The ability to drill down into operating data and customize report views gives managers a clearer understanding of what’s happening in the business.
Improved decision making
When analytical data is readily available and understandable, managers can make well-informed and insightful business decisions quickly and efficiently.
Identification of problem areas Business intelligence can help uncover problem areas in the hotel that might otherwise go unchecked, such as fraud or poor performance, more easily.
More effective inventory monitoring Business intelligence can be used to evaluate suppliers, track spending, measure performance, analyze procurement data, conduct in-depth financial analysis and develop strategies to reduce spending.
Enhance negotiations A business intelligence solution can provide the supplier performance data you need to maintain a strong position – such as on-time delivery trends, percentage of rejects and price changes.
Improved marketing analysis With a business intelligence solution, you can determine the success rate of advertisements, direct mail campaigns and e-mail promotions.
An enhanced guest experience With a business intelligence solution, you can create detailed guest profiles that include history, itineraries, interests and preferences.
3. Enumerate the types of Descriptive Analytics Visualization and each type’s application.
List Reports A report that show data in rows and columns
Crosstabs Show information in a more compact form than in a grouped list
Charts Graphical way of presenting data
Graphs Represents the variation of a variable in comparison with that of one or more variables
4. Explain the difference of Online Transaction Processing Systems versus Data Warehouse in terms of: -
Orientation Online Transaction Processing Systems is the original source of data while the Data Warehouse is organized around the functional applications of the company.
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Function Online Transaction Processing Systems controls and runs business tasks while Data Warehouse helps in planning, problem solving, and in decision making.
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Time Variancy Online Transaction Processing Systems has a time horizon of 60-90 days while Data Warehouse has 5-10 years.
5. Explain the importance of a data warehouse to organizations.
It provides key business metrics that are needed by the organization for strategic and tactical decision-making.
