Purpose
This discussion post will allow you to examine various data types, such as financial data, consumer data, historical data, and descriptive analytics to understand how to create informed choices during the decision-making process. You will explore the specific uses of each data type, such as financial data for insights into company performance, consumer data for revelations about customer behavior, and historical data for contextual understanding of trends and a descriptive analytic summarization of past events. Additionally, the discussion will allow you to assess the reliability of these data types and will allow you to consider factors that influence their accuracy and trustworthiness. Through this discussion, you will deepen your understanding of how different data sources contribute to informed decision-making and the importance of data reliability in deriving actionable insights.
Tasks
- Research the area of decision-making tools, such as Data Dashboard, used in business today. As you are researching, identify different types of data that can be used in decision-making. Types can include financial, historical, customer, quantitative, and qualitative.
- After you have completed your research, create an initial discussion post that includes:
- An explanation of the difference between business intelligence and business analytics.
- A summary of your research on the decision-making process in business and the tools used in that decision-making process.
- An explanation of common data sources and tools that managers in organizations can access. Examples could include descriptive analytics, diagnostic analytics, predictive analytics, prescriptive analytics, text analytics, spatial analytics, and cluster analysis.
- Descriptive analysis is the simplest and most common use of data in business today. It assists leadership in answering "what happened" by summarizing past data, usually in the form of dashboards. Examples can range from internal data, external data, data quality, data analysis, data visualization, and data literacy. Explain how descriptive analysis can determine if data is reliable when given a business scenario for decision-making purposes.
- Respond to at least two different classmates in a post that:
- Explains how different types of data can be used in decision-making
- Discusses how to use relevant data in decision-making
- Recommends which type of data to use in their real-life business scenario
- Explains how to determine if data is reliable within the case study
- Explains an alternative to their real-life scenario in terms of data analysis