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Del Rosario Geraldine

BSIT –III

I. Questions:

A. What is Analytics?

* Analytics is the discovery and communication of meaningful patterns in data.

* Firms may commonly apply analytics to business data, to describe, predict, and improve business performance.

* Analytics is defined as the scientific process of transforming data into insight for making better decisions.

B. History of Business Analytics

* Analytics have been used in business since the management exercises were put into place by Frederick Winslow Taylor in the late 19th century. Henry Ford measured the time of each component in his newly established assembly line. But analytics began to command more attention in the late 1960s when computers were used in decision support systems. Since then, analytics have changed and formed with the development of enterprise resource planning (ERP) systems, data warehouses, and a large number of other software tools and processes.

* In later years the business analytics have exploded with the introduction to computers. This change has brought analytics to a whole new level and has made the possibilities endless. As far as analytics has come in history, and what the current field of analytics is today many people would never think that analytics started in the early 1900s with Mr. Ford himself.

* Business intelligence and business analytics are sometimes used interchangeably, but there are alternate definitions. One definition contrasts the two, stating that the term business intelligence refers to collecting business data to find information primarily through asking questions, reporting, and online analytical processes. Business analytics, on the other hand, uses statistical and quantitative tools for explanatory and predictive modeling.

* In an alternate definition, Thomas Davenport, professor of information technology and management at Babson College argues that business intelligence should be divided into...