Define and describe analytics. Give an example of an organization using analytics and how they are using it.
What will be an ideal response?
Analytics, or business analytics, is the term used for sophisticated forms of business data analysis. One example of analytics is portfolio analysis, in which an investment adviser evaluates the risks of various stocks. Another example is the time-series forecast, which predicts future data based on patterns of historical data.
Harrah's (the casino/resort) has used data-mining software to analyze vast amounts of casino customer data to target profitable patrons. Marriott International, through its Total Hotel Optimization program, has used quantitative data to establish the optimal price for hotel rooms, evaluate use of conference facilities and catering, and develop systems to optimize offerings to frequent customers. Microsoft studies correlations between its successful workers and the schools and companies they arrived from. Even sports teams are using analytics; for example, the Kansas City Royals have used analytics to replace its bigger-name starts with under-the-radar veteran alternatives in search of a World Series ring. The investors who bought the Golden State Warriors basketball team used analytics to focus less on recruiting big men who could "stuff the basket" and more on recruiting players who can make 3-point shots.
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