Discuss and provide a business application of
nonparametric methods; analysis of ordinal data
Discuss and present a business scenario where Index
numbers and/or Time Series Forecasting are used.
Present an analysis of the difference between business
intelligence and business analytics
1. Ordinal Data analysis is often used in Questionnaire. We have seen several feedback forms where ordinal data analysis is used. For example- when you visit a restaurant, they give a feedback form where they ask several questions regarding ambience, food quality, service, etc and have options to tick like- LIKERT SCALE (Like[5], Somewhat Like[4], Neutral[3], Somewhat dislike[2], Dislike[1]).
Other applications can be Research or Survey that federal government does to collect details about the citizens like salary details, and other demographic analysis.
2. One of the common use of Time series forecasting model in business is Demand Forecasting. Take example of business in retail sector. As in the case of fast moving consumer goods, a database is used that keeps track of the demand and supply of these products. To keep the stock available, forecasting is must so that customers always gets the product on the shelves and business keeps going. During, festive events, the system might use the past data of festive time to accurately predict the forecasted demand.
3. Let us use short forms for Business Intelligence as BI and Business Analytics as BA
BA has predictive capabilities where BI is used to extract the insights from historical data.
BA is used to know the likelyhood of future events using ETL, Data modelling, mining process etc.Whereas BI is used to report the trends using the historical data and present them in dashboards.
To run the business, you need BI. To change the business, you need BA.
Discuss and provide a business application of nonparametric methods; analysis of ordinal data Discuss and present...
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Case Study Demand Forecasting For an organization to provide customer delight it is important that organization can understand what customer wants and how much do they want. If an organization can gauge future demand that manufacturing plan becomes simpler and cost-effective. The process of analyzing and understanding current and past information to understand future patterns through a scientific and systemic approach is called forecasting. And the process of estimating the future demand of the product in terms of a unit...
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no it is asking "primary data" the definition in economics. theres not data Question 15 Which of the following represents an application of primary data? A. predicting broad changes in culture B. economic trends forecasting C.corporate intelligence D. using data from a survey conducted by the Gallup Poll to determine a location for services E. None of the responses is correct F. All of the responses are correct Moving to another question will save this response. Question 16 Karen, of...