BUSI 650 Business Analytics
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Business Analysis (BA) refers to the skills, techniques and practices used to continuously iteratively explore and research past business performance in order to gain insight and drive business planning. The business analysis focuses on developing new ideas and understanding business performance based on data and statistical methods. In contrast, business intelligence has traditionally focused on using a sequential set of metrics to measure past performance and guide business planning. In other words, business intelligence focuses on the description, while business analysis focuses on predictions and prescriptions.
The business analysis makes extensive use of analytical modeling and numerical analysis, including explanatory and predictive modeling, as well as fact-based management for decision making. Hence, it is closely related to management science. Analysis can be used as input to manual decision making, or it can drive fully automated decision making. Business intelligence is queries, reports, online analytical processing (OLAP), and "alerts".
In other words, query, report, OLAP is an alert tool that can answer questions such as what happened, how much happened, how often, where the problem occurred and what action needs to be taken. Business analysis can answer questions such as why this is happening, what will happen if these trends continue, what will happen next (forecast), and what is the best possible outcome (optimization).
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