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Business Analytics 3 - Coggle Diagram
Business Analytics 3
Problem Solving with Analytics
3) Structuring the problem
2) Hypothesize Possible Decisions
1) Create clear goals and objectives
3) Identify any constrains or restrictions
4) Analyzing the problem
2) Defining the problem
1) Recognizing a problem
What is happening and what we think should be happen
5) Interpreting results and making decisions
6) Implementing the solution
take what the model provided and implement it to real life
Do adjustments need to be made?
Is it satisfactory or do we need to start over?
Does it work or not?
Evolution of BA
Foundation
Information Systems
Statistics
Business intelligence
Operations Research/Management Science (OR/MS)
Current
Simulations
Imitation
Process
System
Situation
Decisions Support Systems
Computer system
gathers data
help an organization in its decision making process
Data Mining
examining large database
using a variety of statistical and analytical tools
Visualization
transforming data into a visual form