How do businesses primarily benefit from using descriptive analytics?By making predictions about future trendsBy understanding past behaviors and outcomesBy obtaining recommendations for actionBy understanding why a certain event happened
Question
How do businesses primarily benefit from using descriptive analytics?By making predictions about future trendsBy understanding past behaviors and outcomesBy obtaining recommendations for actionBy understanding why a certain event happened
Solution
Businesses primarily benefit from using descriptive analytics by understanding past behaviors and outcomes. Descriptive analytics involves analyzing historical data to understand what has happened in the business. This can include simple data aggregation and mining or more complex data classifications and calculations. By understanding past behaviors and outcomes, businesses can identify patterns and trends, measure efficiency, and make more informed decisions.
Similar Questions
Which of the following activities is MOST associated with Descriptive Analytics?Select one:a. Summarizing key performance metrics of a completed construction project.b. Developing a simulation model to compare different materials for a new bridge design.c. Cleaning and organizing raw sensor data from a wind farm.d. Identifying trends in historical production data to predict future output.
Descriptive analytics is the process of using data toA) analyze trends.B) predict what will happen in the future.C) determine the break-even point.D) solve linear programming problems.E) determine the best course of action for the future.
How the business analytics can help the company in improving its operation
What is descriptive analytics?
Which of the following is an example of how organizations use business analytics? A. Predicting customer demand to optimize inventory management. B. Streamlining organizational structure and reducing workforce. C. Outsourcing data analysis to third-party vendors. D. Standardizing processes and procedures within organizations.
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