Learn about how business intelligence is used in industry.
- [Instructor] What is business intelligence?…You've probably heard the term,…but what exactly does it mean when we're talking…about business intelligence?…Well, the term, business intelligence, was coined…by the Gartner Group in 1993, and today,…a lot of people think that business intelligence…is just a form of software.…They say, "Well, let me buy…"the business intelligence software,…"and that will fix this issue for my company."…The reality is that business intelligence…is not just software.…It's, instead, a group of tools, and processes…that we're going to use to help make better decisions…for the company.…
Software is not a panacea…for the issue of business intelligence.…Business intelligence revolves around taking…these statistical tools, and then using them…to turn raw data into business insight.…That process is critical for making…the best decisions in business, today and in the future.…Now, how does business intelligence work?…Well, business intelligence is really about combining data,…and models, to help make choices.…
Join Professor Michael McDonald and discover how to use predictive analytics to forecast key performance indicators of interest, such as quarterly sales, projected cash flow, or even optimized product pricing. All you need is Microsoft Excel. Michael uses the built-in formulas, functions, and calculations to perform regression analysis, calculate confidence intervals, and stress test your results. You'll walk away from the course able to immediately begin creating forecasts for your own business needs.
- List the two methods of making decisions.
- Identify the most common method of conventional financial forecasting.
- Describe common challenges that come when trying to merge data.
- Assess the types of questions that business intelligence is best suited to answer.
- Distinguish the statistic that is most useful for estimating the impact of an X variable on a Y variable.