DATA ANALYTICS ™ Data Analytics Short Questions with Answers Ql. Define data analytics? Ans: Data Analytics refers to the set of quantitative and qualitative approaches for deriving valuable insights from data. It involves many processes that include extracting data and categorizing it in order to derive various patterns, relations, connections, and other such valuable insights from it. Today, almost every organization has morphed itself into a data- driven organization, and this means that they are deploying an approach to collect more data that is * yelated to their customers, markets, and business processes. Q2. Whai Ans: data analysis to Quality Glossary Definition: Data collection and analysis tools. Data collection and analysis tools are defined as a series of charts, maps, and diagrams designed to collect, interpret, and present data ,for a wide range of applications and industries. Q3. What are the appl analytics? Ans: Although business analytics is being leveraged in most commercial sectors and industries, the following applications are the most common; © Credit Card Companies. ... Customer Relationship Management (CRM) :.. Finance Human Resources. .. Manufacturing. Marketing. «Warnir 4 z XeroxiPhotocopying of this book i Q4.. What is modeling in data analytics? Ans Data modeling is a set of tools and techniques used to understand and analyse how an organisation should collect, update, and store data. Itisa critical skill for the business analyst who is involved with discovering, analysing, and specifying changes to how software systems create and maintain information Q5._Whatis Data Modelling? Ans: Data modeling is a set of tools and techniques used to understand and analyse how an organisation should collect, update, and store data. Itis a critical skill for the business analyst who is involved with discovering, analysing, and specifying changes to how Software systems create and maintain information. ‘Q6.” What does a Data Modeller do? Ans: © They create an entity relationship diagram to visualise relationships between key business concepts. 1 © They create a conceptual-level data dictionary * to communicate data requirements that are important to business stakeholders, © They create a data map to resolve potential data issues for a data migration or integration project. ._ Adata modeller would not necessarily query or manipulate data or become involved in designing or implementing databases or data repositories. er cece Q7._ Whatis commonly used for data Modelling? Ans: The most common model, the relational model sorts data into tables, also known as relations, each of which consists of colutnns and rows. ... Relational databases are typically written in Structured Query Language (SQL). CRIMINAL Act, Anyone found guilty is LIABLE to face LEGAL proceedings" a — Ra, Q8. What Is modeling in data analytics? Q9. What is the application of statistical te,,, Ans : niques for data analysis? Data Analytics m Data modeling isa way of mapping out and | APS* visualizing all the different places that a software or Two main statistical methods are ,., application stores information, and how these sources | in data analysis: descriptive statistics, wh) of data will fit together and flow into one another. | summarize data froma sample using indexes «-, This isa hugely important stage in the design process | as the mean or standard deviation, for any business-critical IT system , an inferential statistics, which draw conclusic,, from data that are subject to random vatiation (e ‘observational errors, sampling variation), Essay Questions wi (2-1. Introbuction to Ananrics ‘ Ql. Give brief explanation about Data Analytics? Ans: Data analyti As the process of analyzing raw data to find trends and answer questions, the definition of data analytics captures its broad scope of the field. However, it includes many techniques with many different goals. The data analytics process has some components that can help a variety of initiatives. By ‘combining these components, a successful data analytics initiative will provide a clear picture of where you ate, where you have been and where you should go. © — Generally, this process begins with descriptive analytics. This is the process of describing historical trends in data. Descriptive analytics aims to answer the question “what happened?” This often involves measuring traditional indicators such as return ovinvestment (ROI). The indicators used will be different for each industry. Descriptive analytics does not make predictions or directly inform decisions. It focuses ‘on summarizing data in a meaningful and descriptive way. . ‘The next essential part of data analytics is advanced analytics. This part of data science takes advantage of advanced tools to extract data, make predictions and discover trends. These tools include classical statistics as well as machine learning. Machine learning technologies such as neural networks, natural language processing, sentiment analysis and more enable advanced analytics, This information provides new insight from data. Advanced analytics addresses “what if?” questions. © The availability of machirie learning techniques, massive data sets, and cheap computing power has enabled the use of these techniques in many industries. The collection of big data sets is instrumental in enabling these techniques. Big data analytics enables businesses to draw meaninaful conclusions * from complex and varied data sources, which has been made possible by advances in parallel processing and cheap computational power. Q2. Whyis Data Analytics important? Ans: Data Analytics has a key,ole in improving your business as it is used to gather hidden insights, generate reports, perform market analysis, and improve businesé requirements. ) What is the role of Data Analytics? You can refer below; : © Gather Hidden Insights — Hidden insights from data are gathered and then analyzed with respect © "business requirements. z © — Generate Reports ~ Reports are generated from the data and are passed on to the respective team and individuals to deal with further actions for a high rise in business, ‘Warning : Xerox/Photocopying of this book Is a CRIMINAL Act. Anyone found guilty is LIABLE to face LEGAL proceedigm Data Analytles 9.9 _______- Perform Market Analysis — Market Analysis con be performed to understand the strengths and weaknesses of competitors ‘Improve Business Requirement ~ Analysis of Data allows improving Business to customer requirements and experience. GE What are the Types of Data Analyiics, Data analytics is a broad field. There are four primary types of data analytics: descriptive, diagnostic, dictive and prescriptive analytics. Each type has a different goal and a different place in the data analysis process, These are also the primary data analytics applications in business. ‘¢ Descriptive analytics helps answer questions about what happened. These techniques summarize large datasets to describe outcomes to stakeholders. By developing key performance indicators (KPIs,) these strategies can help track successes or failures. Metrics such as return on investment (ROI) are used in many industries. Specialized metrics are developed to track performance in specific industries. This process requires the collection of relevant data, processing of the data, data analysis and'data visualization. This process provides essential insight into past performance. ‘¢ Diagnostic analytics helps answer questions about why things happened. These techniques supplement more basic descriptive analytics. They take the findings from descriptive analytics and dig deeper to find the cause. The performance indicatots are further investigated to discover why they got better or worse. This generally occurs in three steps: + Identify anomalies in the data. These may be unexpected changes in a metric or a particular market. + Data that is related to these anomalies is collected. > Statistical techniques are used to find relationships and trends that explain these anomalies. ” Predictive analytics helps answer questions about what will happen in the future. These techniques use historical data to identify trends and determine if they are likely to recur. Predictive analytical tools provide valuable insight into what may happen in the future and its techniques include a variety of statistical ‘and machine learning techniques, such as: neural networks, decision trees, and regression. Prescriptive analytics helps answer questions about what should be done. By using insights from predictive analytics, data-driven decisions can be made. This allows businesses to make informed decisions in the face of incertainty, Prescriptive analytics techniques rely on machine learning strategies that can find patterns in large datasets. By analyzing past decisions and events, the likelihood of different outcomes can be estimated. “Q4. What is the Role of Data Analytics? ‘Ans : Data analysts : Exist at the intersection of information technology, statistics and business. They combine these fields in order to help businesses and organizations succeed. The primary goal of a data analyst is to increase “efficiency and improve performance by discovering patterns in data, The work of a data analyst involves working with data throughout the data analysis pipeline: This means Working with data in various ways. The primary steps in the data analytics process are data mining, data ‘management, statistical analysis, and data presentation, The importance and balance of these steps depend on the data being used and the goal of the analysis. Data mining is an essential process fot many data analytics tasks. This involves extracting data from. unstructured data sources. These may include written text, large complex databases, or raw sensor data. The ey steps in this process are to extract, transform, and load data (often called ETL.) These steps convert raw dafa into a useful and manageable format. This prepares data for storage and analysis: Data mining is generally the most time-intensive step in the data analysis pipeline. | Data management or data warehousing’ another key aspect ofa data analyst's ob. Data warehousing involves designing and implementing databases that allow easy access to the results of data mining. This step ‘Warning : KeroxPhatocopying of tis book is @ CRIMINAL Act, Anyone found gully 's LIABLE to face LEGAL proceedingsData Analytics m 7 m2, generally involves creating and managing SQL databasés._ Non-relational and NoSQL databases are beccn more common as well Statistical analysis allows analysts to create insights from data. Both statistics and machine lear techniques are used to analyze data. Big data is used to create statistical models that reveal trends in ,., These models can then be applied to new data to make predictions and inform decision making. Statis, Programming languages such as R or Python (with pandas) are essential to this process. In addition, c,. source libraries and packages such as TensorFlow enable advanced analysis. The final step in most data analytics processes is data presentation. This step allows insights to shared with stakeholders. Data visualization is often the most important tool in data presentation. Compe visualizations can help tell the story in the data which may help executives and managers understar} importance of these insights 2.2 INTRODUCTION To TOOLS AND ENVIRONMENT Qs. tethe Use Data Analytics ? Ans: Data has the potential to provide a lot of value to businesses, but to unlock that value, you need th analytics component, Analysis techniques give businesses access to insights that can help them to impron, their performance. It an help you improve your knowledge of your customers, ad campaigns, budget ari more. As the importance of data analytics in the business world increases, it becomes more critical that your company understand how to implement it. Some benefits of data analytics include: * (1) Improved Decision Making : Companies can use the insights they gain from data analytics to inform theit decisions, leading o better outcomes, Data analytics eliminates much of the guesswork from planning marketing campaigns, choosing what content to create, developing products and more. Itgives you. a 360-deqree view of your customers, which means you understand them more fully, enabling you to better meet their needs. Plus, with modern dats analytics technology, you can continuously collect and analyze new data to update your understanding conditions change. (2), More Effective Marketing : When you understand your audience better, you can market to them more effectively. Data analytic also gives you useful insights into how your campaigns are performing so that you can fine-tune them for optimal outcomes. seein Using the Lotame Campaign Analutics tool, you can gain insights into which audience segments ae most likely to interact with a campaign and convert. You can use this information to adjust your targeting teria either manually or through automation, or use it to develop different messaging and creative for different segments. Improving your targeting results in more conversions and less ad waste. (3). Better Customer Service : E Data analytics provide you with more insights into your customers, allowing you to tailor customer service totheir needs, provide more personalization and build stronger relationships with them. Your data can reveal information about your customeis' communications preferences, their interests, their concerns and more. Having a central location for this data also ensures that your whole customer service team, as wells your sales and marketing teams, are on the samé page. : (4) Ways to Use Data Analytics : " 3 Data analytics can help you streamline your processes, save money and boost your bottom line. Whet you have an improved understanding of what your audience wants, you waste less time on creating ads and content that don’t match your audience's interests. This means less money wasted as well as improved results from your campaigns and content strategies In addition to reducing your costs, analytics can also boost your revenue through increased conversions, a revenue or subscriptions. Waming 7 X.rox/Photocopying of this book is a CRININAL AA. Anyone found guily ls LABLE To face LEGAL proceed!—— a m Data Anal Q6. Write about Data Analytics Technology, Ans: Data analytics isnothing new. Today, though, the growing volume of data and the advanced anal technologies fechnologies ware can get much deeper data insights more quickly. The insights that big data and modern technologies make possible are more accurate and more detailed, In addition to using data to jnform future decisions, you can also use current data to make immediate decisions. ‘Some of the technologies that make modem data analytics so powerful are: @ Machine learnin, : Axificial intelligence (Al) is the field of developing and using computer systems that can simulate human intelligence to complete tasks. Machine learning (ML) is a subset of Al that is significant for data analytics and involves algorithms that can learn on their own, ML enables applications to take in data and analyze it to predict outcomes without someone explicitly programming the system to reach that conclusion. Youcan train a machine learning algorithm on a small sample of data, and the system will continue to learn asitgathers more data, becoming more accurate as time goes on. Data management : Before you can analyze data, you need to have procedures in place for managing the flow of data in and out of your systems and keeping your data organized. You also need to ensure that your data is high- quality and that you collect it in a central data management platform (DMP) where it's available for use when needed. Establishing adata management program can help ensure that your organization is on the same page regarding how to organize and handle data. @ Datamining: The term data mining refers to the process of sorting through large amounts of data to identify patterns and discover relationships between data points. It enables you to sift through large datasets and figure out what's relevant. You can then use this information to conduct analyses and inform your decisions. Today's data mining technologies allow you to complete these tasks exceptionally quickly. @ Predictive analytics: + Predictive analytics technology helps you analyze historical data to’predict future outcomes and the likelihood of various outcomes occurring. These technologies typically use statistical algorithms and machine leaning. More accurate predictions means businesses can make better decisions moving forward and position themselves to succeed. It allows them to anticipate their customers’ needs and concerns, predict future trends and stay ahead of the competition, : Q7. Write the tools and Environment in data analytics. Ans : : “The Tools And Environment In Data Analytics : Analytics is now days used in all the fields ranging from Medical Science to Aero science to Government Activities, . Data Science and Analytics are used by Manufacturing companies as well as Real Estate firms to } develop their business and solve various issues by the help of historical data base © Tools are the softwares that can be ised for Analytics ike SAS or R. While techniques are the procedures tobe followed to reach up to a solution. Various steps involved in Analytics : “() Access 4 2) Manage B) Analyze 4 Report | Womning : Xerox/Photocopying of this book Is a CRIMINAL Act, Anyone found guilly Is LIABLE to face LEGAL proceedingsData Analytles m Various Analytics technique: (1) Data Preparation (2) Reporting, Dashboards & Visualization (3) Segmentation Icon (4) Forecasting (5) Descriptive Modeling (6) Predictive Modeling (7) Optimization Collecting data Wide teaming and deriving ie Ld insights from data Date t oO proves vale warehouse | 7 wbushess Developing advarced data crven copabtos . 1G IN Business, DATABASE & TYPES OF DATA AND VARIABLE 2.3 APPLICATION OF Move Q8. Give Application Of Modeling In Business. ’ Ans: A statistical model embodies a set of assumptions concerning the generation of the observed data, and similar data from a larger population. A model represents, often in considerably idealized form, the dale generating process.Signal processing is an enabling technology that encompasses the fundamental theo applications, algorithms, and implementations of processing or transferring information contained in mas different physical, symbolic, or abstract formats broadly designated as signals. It uses mathematical, statistic: computational, heuristic, and linguistic representations, formalisms, and techniques for representation, modelin analysis, synthesis, discovery, recovery, sensing, acquisition, extraction, learning, security,-or forensics manufacturing statistical models are used to define Warranty policies, sélving various conveyor related issis Statistical Process Control etc. : a Waring : Xerox/Photocepying of this ook Is a CRIMINAL Act Anyone found gully Is LIABLE Yo face LEGAL proveediin about the Applying Business Analytics in Industry. Ans plying Business Analytics In Industry: ani : ‘i i {though business analytics is being leveraged in most commercial sectors and industries, the following pl cations are the most common. opps 4 credit Card Companies ~ Credit and debit cards are an everyday part of consumer spending, and they are an ideal way of gathering information about a purchaser's spending habits, financial situation, behavior trends, demographics, and lifestyle preferences. |g Customer Relationship Management (CRM) Excellent customer relations is critical for any company that wants to retain customer loyally to stay in business for the long haul. CRM systems analyze important performance indicators such as demographics, buying patterns, socio-economic information, and lifestyle. : «Finance The financial world is a volatile place, and business analytics helps to extract insights that help organizations maneuver their way through tricky terrain. Corporations turn to business analysts to optimize budgeting, banking, financial planning, forecasting, and portfolio management. ¢ Human Resources Although HR is often the punchline of many office jokes, its value in keeping a company successful is not to be underestimated. Great businesses are composed of a great staff, and it’s HR’s job to not only find the ideal candidates but keep them on board. Business analysts help the process by pouring through data that characterizes high performing candidates, such as educational background, attrition rate, the average length of employment, ete, By working with this information, business analysts help _ HR by forecasting the best fits between the company and candidates. : @ * Manufacturing . Business analysts work with data to help stakeholders understand the things that affect operations and the bottom line. Identifying things like equipment downtime, inventory levels, and maintenance costs help companies streamline inventory management, risks, and supply-chain management to create maximum efficiency, ‘ © Marketing Which advertising campaigns are the most effective? How much social media penetration should a business attempt? What sort of things do viewers like/dislike in commercials? Business analysts help answer these questions and so many more, by measuring marketing and advertising metrics, identifying ‘consumer behavior and the target audience, and analyzing market trends. \2 As you can‘see, business analytics plays a valuable role in many different industries. You may also notice that some of the applications merge into each other, but that's hardly surprising. By leveraging business analytics, multiple departments and teams can coordinate their efforts based on the information gathered and processed. It's up to the business analyst to, identify roadblocks and areas that need improvement, helping different departments to work together to achieve a common goal: Notable Use Cases Business analytics helps organizations run more efficiently and profitably. Here are six cases where business analytics proves its worth in the commercial sector. Churn Prevention Churn is'the customer attrition rate, a percentage of subscribers, or customers who stop doing business with a company. Successful companies must keep the churn rate low and replace any customer losses that inevitably occur. Furthermore, it's more expensive to acquire new customers than it is to retain existing ones, By using predictive analysis, a business analyst helps identify customer dissatisfaction and the most likely risks or departure. 7 Waring Xerox Photocopying of tis book is CRIMINAL AG. Anyone ound gully fs UABLE to Tavs LEGAL procooainosData Analytics 2s © E-Commerce Personalization : Online businesses, like Amazon, collect, process, and analyze customer data to personalize th, customers’ shopping experiences. By customizing the experience, vendors can make recommendati, and increase the likelihood of further sales. © Predictive Maintenance Companies must face the inevitability of equipment maintenance, both scheduled and unplanne, Business analysts work with data to create metrics about maintenance lifecycles to predict fur,., maintenance needs and avoid costly unplanned downtime, @ Insurance Fraud Detection Insurance fraud is costly to companies and their customers alike. This is especially true in the medica insurance industry, where fraud costs organizations in the US approximately $68 billion a vear. Busines, analysts use big data to process billions of claims and billing records, enabling investigators to identi, and mitigate any fraudulent activity. j © Automated Candidate Placement ‘As mentioned earlier, hiring new staff comes with its share of risks and uncertainty. Business analysts leverage data-driven recruitment platforms to get a better picture of any given candidate—improving the likelihood of a successful job match much faster. In some cases, the information can even help anticipate job needs before a position is posted. i Q10. write about the Databases & Type of data and variables. Ans: A data dictionary, or metadata repository, as defined in the IBM Dictionary of Computing, is a “centralized repository of information about data such as meaning, relationships to other data, origin, usage, and format”. : 1g to databases and database The term can have one of several closely. related meanings pertai management systems (DBMS): a * \ », Adocument describing a database or collection of databases . : An integral component of a DBMS that is required to determine its structure - A piece of middleware that extends or supplants the native data dictionary of a DBMS”. ~ Data can be categorized on various parameters like Categorical,-Type etc .; Data is of 2 types - Numeric and Character. Again numeric data can be further divided into sub group of - Discrete and Continuous . Again, Data can be divided into 2 categories - Nominal and ordinal. Also based on usage data is divided into 2 categories - Quarttitative and Qualitative . Manufacturing industry also have their data divided in the groups discussed above. Like production “quantity is a discrete quantity while production rate is a continuous data: © ae Similarly quality parameter can be given ratings which ordinal data Q11. Discuss about the types of data and variables used in analytics.’ . Ans.: $ eh : wat Types of Data There are two types of variablés you'll find in your data ~ numerical and categorical. Numerical date can be divided into continuous or discrete values. And categorical data can be broken down into nominal an ordinal values, : Warning : XeroxlPhotocopying of this book Is a CRIMINAL Act. Anyone found gulty Is LIABLE to face LEGAL procooding1 Data Analytics Numeral Continuous. ical? Numerical data formation that is measurable, and itis, of course, data represented as numbers andnot words of text. Continuous numbers are numbers that don't have a logical end to them. Examples include variables shatrepresent money or height Discrete numbers are the opposite; they have a logical end to them. Some examples include variables feedays in the month, or number of bugs logged. 11's important to note here something you've probably heard before - correlation does not mean causation. What this means is that even though two variables may be correlated, doesn't mean that one (arisble causes the second Variable to react. There may be a relationship between them, but there could be ‘the factors as to the cause of the relationship. Categorical : For,categorical data, this is any data that isn't a number, which can mean a string of text or date. ‘These variables can be broken down into nominal and ordinal values, though you won't often see this done. Ordinal values are values that have a set order to them, Examples of ordinal values include having a ptoty on a bug such as “Critical” or “Low” or the ranking ofa race as “First” or “Third”. Nominal values are the opposite of ordinal values, and they represent values with no set order to them. Nominal value examples inchide variables such as “Country” or “Marital Status”. ' In addition to ordinal and nominal values, there is a special type of categorical data called binary. Binary data types only have two values - yes or no. This can be represented in different ways such as “True” and “False” or 1 and 0. Binary data is used heavily for classification machine learning models. Examples of binary variables can include whether a person has stopped their subscription service or not, or if a person bought a car or not. ps Dara MODELLING TECHNIQUES : } Qi. Give explanation about the Data Modeling Techniques. « Ans : . Regression analysis mainly focuses on finding a relationship between a dependent variable and one or more independent variables. © Predict the value of a dependent variable based on the value of a least one independent variable. * IRexplans the impact of changes in an independent variable on the dependent variable. Y= 1X, B) © where Y is the dependent variable + Xisthe independent variable 8s the unknown coefficient © Widely used in prediction and forecasting, —_— eee {ating | NeroxiPhotacopying of this book fsa CRIMINAL Act. Anyone found guly fs LIABLE to face LEGAL proceedingsData Analytics 52, Types of Regression model are as below: fas Le ee al Univarits Mutiveriate Ss = . Linear Non Unoar Linear Non Linear Ss ‘Simple Multiple 3 Type of Regression | Conditions a Univariate Only one quantitative response variable S a] Multivariate ‘Two or more quantitative response variables | Simple Only one predictor variable * Multiple Two or more predictor variables Linear All parameters enter the equation lineaty, possible after transformation of the data Nonlinear ‘The relationship between the response and some ofthe predictors in nonlinear or some parameters appear nonlinearly, but no transformation is possible to make the parameiers appear linearly Analysis of variance | _Allpredictors are qualitative variables | Analysis of convariance | Some predictors are quantitative variables and others are qualitative | variables | Logistic The response variable is qualitative \ 5 MissinG IMPUTATIONS Q13. What is Missing Imputations?write the Arithmetic functions on Ing values. Ans . i In Ry missing values are represented by the symbol NA (not available). Impossible values (e.g, dividing by zero) are represented by the symbol NaN (not a number). Unlike SAS, R uses the same symbol fo: character and numeric data: ' To test if there is any missing irf the dataset we use is.na () function. ‘missing values yield miss- ‘For Example, We have defined “y” and then checked if there is any T or True means that there is a missing value. y <-¢(1,2,3,NA) S Warning : Xerox/Photocopying of this book is a CRIMINAL Act. Anyone found guilty is LIABLE to face LEGAL procoeding$ao # returns a vector (F FFT) ‘Arithmetic functions on missing values yield missing values. + ForExample, x <-¢(1,2,NA,3) mean(x) # returns NA ‘To remove missing values from our dataset we use na.omit() function. For Example, We can create new dataset without missing data as below: - newdata<- na.omit(mydata) . (Or, we can also use “na.tm=TRUE” in argument of the operator. From above example we use na.rm and get desired result. x <-¢(1,2,NA,3) mean(x, na.m=TRUE) # returns 2 + MICE Package -> Multiple Imputation by Chained Equations MICE uses PMM to impute missing values in a dataset. : PMM-> Predictive Mean Matching (PMM) is a semi-parametric imputation approach. It is similar to the regression method except that for each missing value, it fills in a value randomly from among the a observed donor values from an observation whose regression-predicted values are closest to the regression- predicted value for the missing value from the simulated regression model. : 12.6 NeED FOR Business MODELING. : : ] Q14. Write Business Modeling & Analytics:Creating Value Requires the Right Technology. ‘Ans: j i ‘The purpose of the institution of business is to create and deliver value in an efficient enough way that ituill generate profit after cost.” If only it were as simple as it sounds! It's bigger than checking boxes to produce reports, closing the books each period and remaining in compliarice. To create real value, forward- looking finance organizations have moved beyond traditional finance activities and are establishing robust business modeling & analytics programs that provides detailed visibility into historical performance and expected Establishing a Robust Business Modeling & Analytics Program Companies are increasingly dependent on automation and analytics to deliver clear, actionable and forward-looking insights. With the explosion of available data and the need to quickly evaluate it, finance teams are centered on two areas - the data and the models. Integrating data and accessing results : As the size of the organization grows, so do the number of systems that support it. Companies can have hundreds of machines that generate endless data points along with groups of data warehouses, Bl systems and other data sources holding information. Without a way to link data across the enterprise, it's impossible to deliver meaningful insights or accurate results. Warring Keron Photocopying ofthis book Isa CRIMINAL Aat, Anyone found gully ls LIABLE to face LEGAL proceedingsData Analytics m M212 Business Modeling & Analytics Platform iE Fully-Integrated Data ETL Framework a ERP Shop Floor & her New Data Process Control . General Ledger / Equipment Efficiencies Data Warehouse Forecast Data .° Chart of Accounts Equipment Capacities Payroll / Time Tracking ‘Whatf Inputs’ © Material Master Set-up / Changeover Times Ticket systems Projected Volumes Routing Master Lot Sizes Warehouse Management Best-Likely-Worse Case Product Master ‘Work / Production Orders Excal Files Any Input Adjustment Bills of Materials Run Times: User Defined Applications ‘Simulation Results ‘Customer Master Labor Times Legacy / Home-Grown Activity Master Material Flows: Lab / Quality Order Master Customer Relationship Mgmt , ‘Vendor Master Third Party Payment ‘Sales Master One shortcoming of most business analytics programs isthe inability to integrate forecasted or simulated data as part of the modeling data set. Along with the expected data from ERP shop floor and other systems, advanced analytics program recognize the need to retain and use forecasted or simulated data alongside historical data to predict performance and test assumptions for any data combination, Building models and running simulations : The best models and simulations reflect real-world scenarios, nota pre-defined process or methodology, and delivers results in a timely manner. They must include measurable and meaningful KPls that expose improvement opportunities and encourage behaviors that positively effect performance, _