Q1. Please read the below paragraph and write your opinion. What other advantages and business impacts do you think the method brings to an organization?
Note: 100 words with intext citation and references please.
Prescriptive analytics is the process of using data to determine an optimal course of action. It yields or suggests favorable outcomes based on a certain action. Prescriptive analytics helps and supports businesses by providing information to make better business decisions through the analysis of raw data. For example, in the car rental business, organizations like Enterprise and Hertz need to make decisions to have the right cars, at the right locations, at the right rime, and be able to rent it to customers at the right price. All these factors can be influences by variability, seasonal weather, special events, and what their competitors can offer. Prescriptive analytics can be used to manage the fleet of cars by providing “optimal solution in terms of car transfers between stations, cars in-fleeting or defleeting, which minimizes the overall cost and maximizes the revenue fitting the demand as best as possible” (Hupfelt et al., 2016, pg. 519). An advantage of prescriptive analytics is that can simulate and display the probability of various outcomes giving organizations a better insight on the level of risk and uncertainties they face. However the disadvantage is that organizations mist know what questions to ask and how to respond as the output will not be accurate of the input assumptions are incorrect.
Q2. Please read the below paragraph and write your opinion. What other advantages and business impacts do you think the method brings to an organization?
Note: 100 words with intext citation and references please.
Identifying patterns and trends in massive volumes of data is how business analytics helps firms make better choices and enhance their performance. Describing data is the most fundamental and extensively used sort of analytics. Descriptive analytics is used to generate the key performance indicators (KPIs) and metrics that are included in business reports and dashboards, among other things. Descriptive analytics is concerned with summarizing and emphasizing trends in both current and historical data, which helps businesses, comprehend what has transpired to the present day (Ahmad et al., 2021). However, it makes no effort to determine why something occurred or anticipate what may occur in the future. Companies must mix descriptive analytics with various types of analytical tools in order to fully investigate those topics. Discretional analytics is the most prevalent and basic kind of analytics businesses use. To keep track of operational performance and trends, descriptive analytics may be used by every department in a company. In descriptive analytics, key performance indicators (KPIs) such as percent sales growth, annual earnings per customer, and the average time it takes for clients to pay their bills are examples of what you can measure. It is possible to see advanced statistics results in income statements and other statistics and monitors and PowerPoint presentations. Data mining, also called data science, is used in data analytics to perform different tasks such as: Improving business processes to find, extract, transform, and publish important information Analyzing big data to uncover key insights for customer and operational success Organizing, aggregating, and presenting data from different sources Improving decision making and efficiency by helping to identify and reduce unanticipated or uncontrollable risks Business analytics has a wide variety of applications in almost all industries (Luis Hernan et al., 2021).
Subject: Internship
Q3. Please read the below paragraph and write your opinion.
Note: 100 words with intext citation and references please.
In our department, conflict happens often, because we have different ideas for our work. For example, I’m working on tech toys for kids, we have conflict of the functions setting. I find out some big brands toys examples show to her, when we have different opinions. I only show ideas and reasons to her, I don’t make a decision for her, because I think supervisor consider for whole product, not only for functions setting of the product, I think supervisor has to think about the performance of the product, costs, labors, and marketing, so I don’t quarrel with her or have negative emotion. We should try to position of others to think about it, and fierce conflicts is not good for post-work. Therefore, We should let us calm down, and tell them reasons of the problem. If they still don’t understand, We can show more details to them. And We don’t have to obsessed with convince them, because different position has different thinking for one thing. Instead of letting him argue with us, it’s better to ask why. In this way, it is very helpful to improve our skills and get more experience.
