Description

SESSION	JUL-AUG 2024
PROGRAM	BACHELOR OF BUSINESS ADMINISTRATION (BBA)
SEMESTER	V
COURSE CODE & NAME	DBB3102 BUSINESS ANALYTICS

 

 

Assignment Set – 1

 

1. Describe how Business Analytics can help an organization improve its operational efficiency.

Ans 1.

Business analytics plays a pivotal role in enhancing the operational efficiency of organizations by leveraging data-driven insights to streamline processes and optimize resource allocation. By analyzing historical and real-time data, organizations can identify patterns, trends, and anomalies that affect their operations. These insights allow decision-makers to make informed choices, improving productivity and reducing inefficiencies.

One of the key benefits of business analytics is its ability to identify bottlenecks in processes. For example, in manufacturing, analytics tools can monitor production cycles, track delays,

 

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2. How can data updating ensure the accuracy and reliability of data?

Ans 2.

The process of data updating is essential for maintaining the accuracy and reliability of data, as it ensures that information remains current, relevant, and reflective of the real-world context. In an era where decisions are heavily reliant on data, outdated or incorrect information can lead to significant inefficiencies, misjudgments, and financial losses. Regular updates to data ensure that organizations can trust their datasets for accurate analysis and decision-making.

One of the primary reasons for data updating is the dynamic nature of information. Data often changes due to various factors, such as market fluctuations, customer preferences,

 

 

3. Discuss how mobile and location-based Market Basket Analysis could be used in the future.

Ans 3.

Mobile and location-based market basket analysis (MBA) represents a significant evolution in understanding consumer purchasing behavior by combining traditional MBA techniques with the power of mobile technology and location data. This integration offers unique opportunities for businesses to deliver highly personalized and contextually relevant marketing strategies, potentially reshaping the retail and service industries in the future.

Market basket analysis traditionally examines patterns in customer purchases to identify associations between products. For instance, customers buying bread might often buy butter,

 

 

 

 

Assignment Set – 2

 

4. Discuss in detail, how decision trees work in classification problems.

Ans 4.

Decision trees are one of the most popular and intuitive methods for solving classification problems in machine learning. They work by recursively splitting a dataset into subsets based on specific features until the subsets represent distinct classes or meet a predefined stopping criterion. The process of constructing a decision tree involves identifying the most significant features that can effectively partition the data into its respective categories.

A decision tree starts at a root node, which represents the entire dataset. At this node, an algorithm selects the feature that best divides the data into distinct classes. This selection is

 

5. Explain Data Mining Process.

Ans 5.

Data Mining Process

Data mining is a systematic process of discovering patterns, correlations, and useful insights from large datasets. This process involves multiple stages that transform raw data into valuable information for decision-making. The data mining process is widely used across industries, including retail, finance, healthcare, and marketing, to uncover hidden trends and enhance operational efficiency. Below are the main stages of the data mining process:

1. Problem Definition

The first step in the data mining process is defining the problem or objective. This involves

 

 

6. Discuss some of the challenges that organizations may face in managing data.

Ans 6.

Some of the Challenges That Organizations May Face in Managing Data

Data management is a critical aspect of modern organizations, enabling them to derive insights, enhance operations, and make informed decisions. However, managing data comes with a variety of challenges that can hinder its effectiveness. Below are some of the key challenges organizations face in managing data:

1. Data Volume and Variety

The exponential growth of data presents a major challenge for organizations. Businesses must handle vast amounts of structured, semi-structured, and unstructured data from diverse sources,