Business Intelligence (BI)

business reporting for sales, marketing, management reporting, Business Process Management (BPM), budgeting and forecasting, financial reporting and similar areas

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Four different levels of analytics:

  • Descriptive Analysis: what happened.
  • Diagnostic Analytics: Why did it happen?
  • Predictive Analysis: What is going to happen?
  • Prescriptive analytics: What decisions do we take to make something happen?
Note

Business Intelligence (BI) often utilizes Quantitative Analysis methods to transform raw data into meaningful and actionable information for Decision Making purposes.

Optimization is choosing the best solution among all of the available solutions.
Core elements of optimization problems:

  • Objective Function: What is the objective and end goal of optimization.
  • Decision Variables: Decision variables are the data points that you have to make a decision on.
  • Constraints: Constraints are restrictions on decisions.

Solutions:

  • Solution, or Baseline solution
  • Feasible solution
  • Optimal Solution
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Business Intelligence (BI)