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In: Operations Management

For each of the situations described below, select the type of analytics that would address the...

For each of the situations described below, select the type of analytics that would address the specific organizational need and justify your selection.

b. A large retail chain wants to understand what factors contributed to the overall sales decline it experienced in a specific month in the past.

c. To support staffing analysis for a holiday season, a clothing store wants to improve its understanding of the number of customers that are likely to visit each of its stores during the November 15–January 15 time frame.

d. A gaming company wants to provide all of its employees an up-to-date graphical representation of the number of downloads of its game products and in-app revenue associated with them.

Solutions

Expert Solution

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Analytics refers analyzing the system on some specific point of view by using a standard strategy best set for the purposeful analysis.

There are three categories of analytics, listed below:

  • Descriptive Analytics: It deals with “what happened ago?”
  • Predictive Analytics: It deals with “what might be happened later” and “how does changes occur in it if the assumptions are changed?”
  • Prescriptive Analytics: It deals with “What is to be done for it is to be happened?” and “What is needed for it is to be happened?”

a)

Situation: A mid-sized bank would like to provide as much automated support for its lending decisions as possible.

Best Suitable Type of Analytics is Prescriptive Analytics.

Justification: Prescriptive analytics is dealt with finding out the requirements and the ways for making the desired goal to be happened, if the desired goal (what is to be happened later) has been decided that is predictive analytics has done its work.

b)

Situation: A large retail chain wants to understand what factors contributed to the overall sales decline it experienced in a specific month in the past.

Best Suitable Type of Analytics is Descriptive Analytics.

Justification: Descriptive Analytics deals with analyzing the past happenings hence the future goals could be decided further by predictive analytics. Here the contribution in any past month is to be analyzed.

c)

Situation: To support staffing analysis for a holiday season, a clothing store wants to improve its understanding of the number of customers that are likely to visit each of its stores during the November 15-January 15 time frame.

Best Suitable Type of Analytics is Predictive Analytics.

Justification: Predictive Analytics deals with analyzing the goals which could be set for achieving in future. In this situation the range of coming months is given in which the customer count is required as a goal.

d)

Situation: A gaming company wants to provide all of its employees an up-to-date graphical representation of the number of downloads of its game products and in-app revenue associated with them.

Best Suitable Type of Analytics is Descriptive Analytics.

Justification: Descriptive Analytics deals with analyzing the past happenings hence the future goals could be decided further by predictive analytics.

  • It allows showing all the information, getting as the result of analysis, specifically arranged through graphs / tabular formats such as reporting tools, data visualization mechanism, dashboards or scoreboards.
  • It uses OLAP (Online Analytical Processing) tools for accomplishing the purpose of presenting the results well.

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keosha answered 2 months ago
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