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Interested in experimenting with analytics, a manufacturing company hires an analyst to see how the capability can be developed within its organization. The analyst is getting started and recognizes the need to show value from the onset of their work to gain upper management's trust and future funding. What action will accomplish these objectives?
The best action for the analyst to show value from the onset of their work is to develop a meaningful question that can be answered with data the company already has in its possession. This way, the analyst can demonstrate the potential of analytics to solve relevant business problems, without spending too much time or resources on data collection or market research. The question should also be aligned with the organization's strategy and goals, and provide actionable insights for decision making12. Reference: 1: Guide to Business Data Analytics, IIBA, 2020, p. 202: Data Science for Business, Foster Provost and Tom Fawcett, 2013, p. 14.
A fashion retailer is developing a new line of luxury handbags and would like to evaluate their target market and pricing. After an extensive evaluation based on product features, their target market, and pricing of competitor products, the analytics team has come up with a pricing proposal. On presenting the results, the management team is of the opinion that additional analysis was required before making a decision. What type of additional analysis will help the management team make a decision on pricing?
The analytics team is struggling with which recommendation to make. Their challenge is that they have five good options and this indecision is stopping them from moving forward. To help the team finalize their recommendation, the BA professional on the team recommends they complete:
Acceptance and evaluation criteria are the techniques that the BA professional on the team should recommend they complete, because they are the standards or measures that are used to evaluate the suitability and value of each option. Acceptance and evaluation criteria can help the team compare the benefits, costs, risks, and impacts of each option, and determine which one best meets the needs and expectations of the stakeholders. Acceptance and evaluation criteria can also help the team communicate the rationale and evidence behind their recommendation, and ensure that the recommendation is aligned with the business goals and objectives. Reference:
* Business Analysis Certification in Data Analytics, CBDA | IIBA, CBDA Competencies, Domain 5: Use Results to Influence Business Decision Making
* Understanding the Guide to Business Data Analytics, page 9
* Acceptance and Evaluation Criteria | Business Analysis
To ensure their recommendation can be acted upon, the business analysis professional on the analytics team helps the team complete financial analysis to support their recommendation. As part of the financial analysis that's completed, the cost-benefit analysis shows positive net benefits starting in the 2nd year. The team feels this is sufficient to proceed with their strong endorsement of the recommendation. The business analysis professional:
According to the Guide to Business Data Analytics, a cost-benefit analysis is a technique that compares the costs and benefits of a project or decision over a period of time. The net benefit is the difference between the total benefits and the total costs. A positive net benefit indicates that the benefits outweigh the costs. However, a positive net benefit in one year does not necessarily mean that the project or decision is financially viable. The business analysis professional should also consider the cumulative net benefit, which is the sum of the net benefits over the entire time horizon. The cumulative net benefit reflects the overall value of the project or decision, taking into account the time value of money and the opportunity cost of capital. A project or decision is only financially feasible if the cumulative net benefit is positive at the end of the time horizon. Therefore, the business analysis professional should disagree with the team and suggest that they review the cumulative net benefit before endorsing the recommendation.
From a prior analytics study, a telecommunications company has concluded that due to the maturity of the market the cost of obtaining new customers is on the rise. As a result, the company wants to increase their efforts on retaining customers. One of the key performance indicators that will help them track their progress in this area is the rate at which customers leave/unsubscribe from their services over a given time period. Which performance indicator is this referring to?
