Business Intelligence Assignment Paper
Complete the following assignment in one MS word document:
Chapter 7 –discussion question #1-4 & Internet exercise # 7
When submitting work, be sure to include an APA cover page and include at least two APA formatted references (and APA in-text citations) to support the work this week.
All work must be original (not copied from any source).
Business Intelligence Approaches
Introduction
This assignment shall evaluate three approaches of application of Business Intelligence (BI). Business intelligence has a broad category of technologies and applications which are applicable in different sectors of the economy and are used in aiding of decision making. Business Intelligence Assignment Paper. The applications collect data, analyze it, generate highly customizable reports and store the data and the information processed in an easy way for its retrieval. The information analyzed has historical factors, current operations and future operations of any business organization.
Needs of decision making by those in position of decision making are increasing being more and invention of Business Intelligence technology and applications is handy as it enable them make high quality decisions which improves their operations due to its high degree of efficiency, accuracy and reliability which is required by any decision maker. For the purpose of this research it will analyze three business intelligent approaches which are Standard Statistical Methods for Quantitative Data that are applied by use of forecasting, predictive models, decision trees and neural nets. Semantic Analysis methods which uses Latent Semantic Analysis (LSI) of textual data and Geographic Information Systems for spatial data.
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Quantitative Data Analysis
Quantitative data analysis is used in a wide range of application especially those which use numerical data that need to be analyzed by business intelligent applications. The process involves presentation of numerical data which need to be analyzed. Analysis being done on the data would be Inferential statistics or descriptive statistics. Business Intelligence Assignment Paper. Descriptive statistics will include measurements of tendencies which would be done by calculation of mean, mode and median. It also measures variability by use of standard deviation and range. Such analysis enables the decision maker to make conclusions of the data which are mainly got from research or business operations.
The other method which quantitative analysis business intelligent application does is Inferential Statistics which are got as outcome of statistical tests they help deductions to be made from the data which is being collected to test hypotheses set to relate findings with the sample or population.
According to Schneider, (2005) there are different types of quantitative measures which are used by Business Intelligent applications they include Nominal or category which is done by enumeration of categories, ordinal done by use of ordered scales and lastly interval or quantitative also know as scale which is done by (SPSS) which measurement are done in intervals (Connolly, 2006). Statistical analysis has principles of finding the structure of data this is done by either adding Non-Structured and Structured or obtain data structure from a combination of non explained variance and explained variance.
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For the business intelligent system to be effective it is important to adhere to stages of statistical analysis which involves; collection of date and cleaning it to ensure the date to be processed is correct, secondly is gaining knowledge about the data which is being used so that one would decide on the appropriate application to use to analyze the data. The applications which are used to analyze the data are decision trees, decision tables and neural nets. They are used mainly for forecasting in occurrences of near future and use of predictive models which are able to generate future treads based on the past and current occurrences. Business Intelligence Assignment Paper.