FBA MIDTERM REVIEWER

finding the best location for bank branches and ATMs, or where to service industrial equipment

location

determining brands to buy, quantities, and allocations

merchandising

identifying and targeting key customer groups in retail, insurance, and credit card industries

customer segmentation

setting prices for consumer and industrial goods, government contracts, and maintenance contracts.

pricing

Data, Information technology, Statistical analysis, Quantitative methods,and Mathematical or Computer-based models to help managers gain improved insight about their business operations and make better, fact-based decisions.

analytics

is the process by which businesses use statistical methods and technologies for analyzing historical data in order to gain new insight and improve strategic decision-making.

business analytics

understand trends and customer perceptions; assist marketing managers and product designers

social media

...reduced costs, better risk management, faster decisions, better productivity and enhanced bottom-line performance such as profitability and customer satisfaction.

benefits

...lack of understanding of how to use analytics, competing business priorities, insufficient analytical skills, difficulty in getting good data and sharing information, and not understanding the benefits versus perceived costs of analytics studies.

challenges

the use of data to understand past and current business performance and make informed decisions

 

descriptive analytics

predict the future by examining historical data, detecting patterns or relationships in these data, and then extrapolating these relationships forward in time.

predictive analytics

identify the best alternatives to minimize or maximize some objective

prescriptive analytics

Most department stores clear seasonal inventory by reducing prices.

retail markdown decision

examine historical data for similar products (prices, units sold, advertising....)

descriptive analytics

predict sales based on price

predictive analytics

find the best sets of pricing and advertising to maximize sales revenue

prescriptive analytics

various databases

SQL

Spreadsheets

excel

Simple drag and drop tools for visualizing data from spreadsheets and other databases.

tableau software

An integrated business intelligence and planning solution designed to meet the needs of midsize companies, provides reporting. analysis, dashboard, scorecard, planning, budgeting and forecasting capabilities.

IBM cognos express

Predictive modeling and data mining. visualization, forecasting, optimization and model management, statistical analysis, text analytics, and more using visual workflows,

SAS/SPSS/Rapid Miner

Advanced programing-based data preparation, analytics and visualization.

R/Python

numerical or textual facts and figures that are collected through some type of measurement process.

Data

result of analyzing data; that is, extracting meaning from data to support making. evaluation and decision

Information

refers to massive amounts of business data from a wide variety of sources, much of which is available in real time, and much of which is uncertain or unpredictable. IBM calls these characteristics volume, variety, velocity, and veracity.

Big Data

a collection of related tables containing records on people, places, or things.

Database

the columns correspond to each individual element of data (called fields, or attributes), and the rows represent records of related data elements.

database

a collection of data (often a single "spread sheet" or data mining table).

data set

Marketing survey responses, a table of historical stock prices, and a collection of measurements of dimensions of a manufactured item.

data set

derived from counting something.

discrete

based on a continuous scale of measurement.

continous

Any metrics involving dollars, length, time, volume, or weight, for example are

continuous

a delivery is either on time or not; an order is complete or incomplete; or an invoice can have one, two, three, or any number of errors. Some metrics would be the proportion of on-time deliveries; the number of incomplete orders each day, and the number of errors per invoice.

discrete

sorted into categories according to specified characteristics.

categorical (nominal) data

can be ordered or ranked according to some relationship to one another.

ordinal data

ordinal but have constant differences between observations and have arbitrary zero points.

interval data

continuous and have a natural zero.

ratio data

an abstraction or representation of a real system, idea, or object.

model

Often a simplification of the real thing.

model

Captures the most important features.

model

Can be a written or verbal description, a visual representation, a mathematical formula, or a spreadsheet.

model

is a specific area or element that a team, department or business must successfully implement and focus on to achieve its strategic goals. Successful implementation and execution of these factors in business create value for products and services and generate positive outcomes.

critical success factor (CSF)

Harvard Business Review: "Critical success factors for any business are the limited number of areas in which results, if they are satisfactory, will ensure successful competitive performance for the organization.”

John F. Rockart

these are tasks your organization must complete to remain competitive within a specific industry.

 

Industry factors

refer to things that are happening outside the organization over which the company has no direct control.

Environmental factors

result from your organization's specific competitive strategy. They might include the way your organization chooses to position and market itself.

strategic factors

these critical success factors are temporary, limited factors that favorably or unfavorably impact your business. Identifying and overcoming these factors if applicable supports continued business growth.

Temporal factors

describes the information or the knowledge necessary for getting started in the first place with a new process or improving an existing one.

Lead Information

is the continuous measuring of how the process is developing. The purpose is to monitor and control whether we are meeting our objectives or whether we need to make some adjustments.

Lag Information

is the process of measuring and improving an organization's performance to achieve its goals and objectives. It involves a systematic approach to monitoring and improving the performance of individuals, teams, and the organization.

performance management

in optimizing business processes is in the manufacturing industry. A manufacturing company may use performance management to track the efficiency of its production line, by measuring KPIs such as cycle time, defect rate, and production yield.

performance management

activities are the actions and role responsibilities the software exists to help your company's teams and employees accomplish.

Customer relationship management (CRM)

Is an organizational practice to synchronize process systematically

customer relationship management (CRM)

encompasses the planning, executing, and tracking of a marketing initiative.

Campaign management

coordinate all the necessary elements and team members to achieve agreed-upon goals.

Campaign managers

is the process of building a new product, from ideation all the way through launch

Product development

Is a file that has one row per click, created on the Web site. This row has the information about when the click happened and where the user came from.

WEB LOG

is a kind of web analytics software that parses a server log file from a web server, and based on the values contained in the log file, derives indicators about when, how, and by whom a web server is visited.

 

Web log analysis software (also called a web log analyzer)

is a simple text document that contains all activities of a specific server in a given period of time (e.g., one day).

server log file

As a necessary part of web browsing, HTTP help web developers give you more personal, convenient website visits.

 

cookies

is a process of fixing the value that a manufacturer will receive in the exchange of services and goods

Pricing

is part of the HRM that specifically deals with training and development of employees.

Human Resource Development (HRD)

makes the organization dynamic and growth oriented.

Human Resource Development (HRD)

Ensuring the effectiveness and advancement of individual employees.

Human Resource Development (HRD)

Human Resource Development (HRD) guy

Leonard Nadler in 1969 in the US.

optimizing existing business processes.

CORPORATE PERFORMANCE MANAGEMENT (CPM)

helps corporations use proven and tested methods and processes to improve their business management.

Corporate Performance Management

a term for matters regarding the management, creation, and study of money and investment.

Finance

is about to allocate the company's cost to the processess

Activity Based Costing (ABC)

Purpose of this is to enable us to subsequently assess which product or customer groups are profitable.

Activity Based Costing (ABC)

Other kinds of financial analysis could be about documenting the actual value of customers.

Activity Based Costing (ABC)

This field is concerned with ensuring that the people who draw on the inventory must always be able to get what they want. If they can't, production will grind to a halt, whether it's the spare part or raw material inventory that has gone into back order.

Inventory Management

An analytical approach delivers decision support to the people responsible for inventory management in terms of identifying the optimum number of items in stock.

Inventory Management

Is about managing the company's relations to its suppliers. These relations vary from company to company and from supplier to supplier.

SUPPLY CHAIN MANAGEMENT (SCM)

With regard to the more casual supplier relationships, in which price is negotiated from deal to deal, the required Information will be more about giving the buying organization complete details about its suppliers.

Supply Chain Management (SCM)

is about obtaining all the details about the many suppliers, so that the company has in-depth knowledge about the pricing in the supplier market, with the result that it could exploit a strategic customer position.

Supply Chain Management (SCM)

Essentially is the discipline of balancing internal resource utilization with what the customers want.

Lean

Analytics primarily support this way of making organizational improvements in three ways:

1. Learn what the customers want before starting to change the process; 2. Find out what the customers are willing to pay. 3. Find out what would delight the customers and could be a business differentiator

The performance metrics used in CPM;

Financial

Internal

Customer

Compliance

Strategic

Different strategic frameworks and management methods used in CPM;

Balance scorecard

Six Sigma

The European Foundation for Quality management (EFQM) excellence model.

HR PROFESSIONALS FOCUS ON THREE ASPECT OF HRD CYCLE;

Training and development

Organization development

Career development

There are four ways to support a price on something of value:

Replacement cost

Market comparison

Discounted cash flow / net present value

Value comparison

THE EIGHT STAGES OF PRODUCT DEVELOPMENT PROCESS

New-Product Development Process

1.Idea Generation 2.Idea Screening3.Concept Develop.& Testing 4.Marketing Strategy 5.Business Analysis 6. Product Development 7. Test Marketing 8. Commercialization

BENEFITS OF USING CRM

Analyze customer interaction and measure data

Nurture your customer experience

Know your numbers

CRM GOAL

BUSINESS RELATIONSHIP

CUSTOMER ACQUISITION

CUSTOMER RETENTION

Sequence of Activities

Level 1: Identifying the ObjectivesLevel 2: Identifying an Operational StrategyLevel 3: Identifying the Critical Success FactorsLevel 4: Identifying Lead and Lag Information

2 TYPES OF INFORMATION USED IN BA FUNCTION:

Lead Information

Lag Information

4 Main Types of Critical Success Factors Rockart identified four main types of CSFs that businesses need to consider:

1.Industry Factors 2. Environmental Factors 3. Strategic Factors 4. Temporal Factors

Measurement Scales

4 items

Types of Data

2 items

Examples of Data Sources and Uses

External (2)

Internal (5)

Data for business analytics

2 items

software support

6 items

tools

6 items

Scope of business analytics

3

Visual Perspective of BA

3 main

3 sub

1 middle

examples of application

5 items