A fashion retailer is developing a new line of luxury handbags and would like to evaluate their target market and pricing. After an extensive evaluation based on product features, their target market, and pricing of competitor products, the analytics team has come up with a pricing proposal. On presenting the results, the management team is of the opinion that additional analysis was required before making a decision. What type of additional analysis will help the management team make a decision on pricing?
An analytics team completed their research to determine why customers are abandoning items in their online shopping cart. The team suggests improvements to the website to address the problem. The Director of Sales proclaims that the current website is fine and indicates that the problem materialized when the company increased its shipping rates. The solution proposed by the team seems misaligned. What has gone wrong?
A data scientist is working with a team of upper level managers to develop a strategy for creating an enterprise analytics program. What critical success factor would help ensure the organization obtains the most value from its data?
A small business has recently launched their website and wants to understand how the website is being used. In particular, there is interest in identifying which areas of each page receive the most attention. The analyst has decided to communicate this information by displaying the top pages overlaid with colours denoting the volume of clicks.What type of visualization technique is being used here?
A toy manufacturing company wants to improve operational efficiencies as a means of reducing costs. The Operational Manager wants an analytics study to identify areas of improvement within their operational processes. During a meeting with the analyst, the Operational Manager mentions concerns about old machinery and suggests this be the area of focus for the study. They can have a touchpoint in three weeks to assess progress. Has the Operational Manager limited the potential of this study?
An organization has a customer database of 3000 customers and has accumulated 5 years of sales data. They want to make decisions about which products to retire and which to continue to offer. Management has turned to the analytics team to analyze the data and provide recommendations. The analytics team develops a survey to send to randomly selected customers.This is an example of:
Which attribute in the Customerissues entity would be categorized as unstructured data?
•CustomerlD
•ConcernCategory
•ConcernSubCategory
•AgentID
•ComplaintNotes
•lssueResolved(Y/N)
Analytics is being used to estimate the number of machine breakdowns a company will experience next year. The business analyst provides an optimistic estimate of 10 breakdowns, a pessimistic estimate of 100 breakdowns, and a most likely value of 50 breakdowns.What type of estimation is being used?
A movie production company wants to use analytics to decide which customers would choose to watch or not watch a particular movie after seeing a promotional teaser. The business analysis professional suggests they could make that prediction by identifying characteristics of the new movie and determining if the customer has watched other movies with similar characteristics.Thisis an example of using the following technique:
A fifty-year-old brick and mortar business is interested in determining the potential for selling their current products online. The sales director has asked the analytics team to predict future sales for their most popular product. A simple question is formed "Would you buy this product online?" The sales director would like to survey students from local colleges and universities within a 50km radius.As a result, the team will conclude: