Search results
Results From The WOW.Com Content Network
Business analytics (BA) refers to the skills, technologies, and practices for iterative exploration and investigation of past business performance to gain insight and drive business planning. Business analytics focuses on developing new insights and understanding of business performance based on data and statistical methods .
Business process discovery is the next level of understanding in the emerging field of business analytics, which allows organizations to view, analyze and adjust the underlying structure and processes that go into day-to-day operations. This discovery includes information gathering of all of the components of a business process, including ...
Scenario analysis can also be used to illuminate "wild cards." For example, analysis of the possibility of the earth being struck by a meteor suggests that whilst the probability is low, the damage inflicted is so high that the event is much more important (threatening) than the low probability (in any one year) alone would suggest.
The above example highlights the power of the influence diagram in representing an extremely important concept in decision analysis known as the value of information. Consider the following three scenarios; Scenario 1: The decision-maker could make their Vacation Activity decision while knowing what Weather Condition will be like.
A business process modeling of a process with a normal flow with the Business Process Model and Notation. Business process modeling (BPM) is the action of capturing and representing processes of an enterprise (i.e. modeling them), so that the current business processes may be analyzed, applied securely and consistently, improved, and automated.
It is important to note, however, that the accuracy and usability of results will depend greatly on the level of data analysis and the quality of assumptions. [1] Predictive analytics is often defined as predicting at a more detailed level of granularity, i.e., generating predictive scores (probabilities) for each individual organizational element.
In this example a company should prefer product B's risk and payoffs under realistic risk preference coefficients. Multiple-criteria decision-making (MCDM) or multiple-criteria decision analysis (MCDA) is a sub-discipline of operations research that explicitly evaluates multiple conflicting criteria in decision making (both in daily life and in settings such as business, government and medicine).
Business analysis is a professional discipline [1] focused on identifying business needs and determining solutions to business problems. [2] Solutions may include a software-systems development component, process improvements, or organizational changes, and may involve extensive analysis, strategic planning and policy development.