Big data analytics is focused on finding marketing and sales patterns, discovering previously unknown relationships, detecting new market trends, and being able to ferret out actual customer preferences. Classify each of the analytical techniques below as either a descriptive analytical technique or a predictive analytical technique. Analytical Technique 1. Analysis of last December's journal entries to ensure all entries made over $50,000 had appropriate approval. 2. Analyze current customer data and spending patterns to better forecast the timing for future sales. 3. Creation of KPIs (Key Performance Indicators) that monitor regulatory data from the past seven days to ensure compliance. 4. Horizontal analysis of the balance sheet. 5. Analyze location and demographic data to forecast the best location for a new business site. 6. Accounts receivable analysis to determine potential bad debt expense for a specific set of customers. 7. Sum of the IT change management requests by department.
Added by David F.
Close
Step 1
- Descriptive analytics: Focuses on summarizing past data to understand what has happened. - Predictive analytics: Uses data to predict future outcomes or trends. Show more…
Show all steps
Your feedback will help us improve your experience
Madhur L and 52 other Principles of Accounting educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Recommended Videos
Customer analytics is a process by which data from customer behavior is used to help make key business decisions via market segmentation and predictive analytics. This information is used by businesses for direct marketing, site selection, and customer relationship management. Essentially, customer analytics is used to optimize each interaction with each customer. Based on the information you have read thus far and your own understanding of CRM, discuss the following: How has technology changed this process? What do you see in the future for customer analytics?
Lottie A.
a) Imagine a real-world example (application, situation, or business) that can benefit from Data Analytics. Discuss what sorts of data can be available in your example (not necessarily only one dataset), making sure some of the data to be structured, and some to be unstructured. You need to be specific about the data details, such as: where it comes from, how it can be collected, how it looks like (give a few specific samples), and most importantly: how the data analytics tasks/questions can benefit the users or stakeholders in your given example. b) Discuss whether you agree or disagree with the following statement: "The ultimate goal of data analytics is to understand the causal relationships among variables in a dataset".
Paul A.
Recommended Textbooks
Horngren’s Cost Accounting
Cost Accounting A Managerial Emphasis
Principles of Accounting Volume 1: Financial Accounting
Transcript
Watch the video solution with this free unlock.
EMAIL
PASSWORD