MGT555 Business Analytics - Assignment 1 PDF

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MEMBERI CONTOH KEPADA STUDENT YANG MENJAWAB ASSIGNMENT SEMESTER 4....

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BACHELOR OF BUSINESS ADMINISTRATION (HONS.) HUMAN RESOURCE MANAGEMENT

BUSINESS ANALYTICS NAME & METRIC NUMBERS NURUL AMIRAH BINTI MOHD KAMARULZAMAN (2019831434) GROUP BA234 4B LECTURER’S NAME RAMESH KRISHNAN

SUBMISSION DATE 17 MAY 2021

1. Business Analytics

Business analytics is a tool that helps in company data management. It uses statistical methods and technologies that analyse historical data to improve decision -making and gain new insights. (Singh, R, 2020) It gives many changes and advantages to a company and can help in the development of a company. Business analytics has various methods such as forecasting, predictive analytics and some more. Business analytic is also a descriptive analysis tool because it analyses past data and sees the results when trying something like the response and effect of acceptance of variables, predictive analysis that it looks at historical data to determine possible future results, and finally prescriptive analysis which is a combination of descriptive analytical processes. This process gives an insight into what is going to happen. It also has a predictive analysis process that provides insights into what is likely to happen. In this way, it can provide an opportunity for users of this data to be more prepared for what is going to happen and find out why things are happening.

There are three main methods available in business analysis namely descriptive, predictive, and prescriptive. Each has an important contribution to the company in managing risk. Descriptive is an interpretation of historical data to identify patterns and trends in the company. This analysis is to better understand the changes that occur in a business through the process of data analysis in the past. The use of benchmarks and historical data gives decision makers a more accurate picture of trends and performance occurring in the current global era that form the basis of business strategy. Next is predictive, which is the process of using statistics to predict the results that will be produced in the future. This method is used to determine how the response as well as the purchase by the customer. It is also to find out the response to the promotion of cross -selling opportunities. This method encourages customers as well as businesses to be more attractive, grow and retain high-profit customers. This forecasting model is widely used by most companies in forecasting resource and inventory management. The latter is prescriptive. Prescriptive is a test tool and other method that selects the best results and gives a good impact according to the situation being experienced by the organization. This method uses data collection methods from various descriptive sources. It also uses predictions and collects them for the decision -making process. This process will combine all the circumstances that occur and consider the impact of each decision to achieve something more influential in the future.

There is a benefit that exists when an organization uses business analytics that is to make excellent decisions. They can make decisions based on the organization’s historical data using business analysis. Companies can become more competent by gaining more accurate and excellent insights and insights. This is a good thing to allow companies to maximize and further automate their processes. By using business analytics methods, it would not be surprising if a company can excel in the current era based on its data. This is because when they use the business analysis process, companies will more quickly understand how those results are achieved, what processes are appropriate to gain more effectiveness in the business and forecast what may happen in the future. The next benefit is that it offers adequate coverage and support. To assist in getting the right results, business analytics offers ample coverage and support. Furthermore, it can give the organization to automate the entire decision-making process so as to obtain the right response when needed. In addition, business analysis can provide accurate data as well as help in providing important insights into the business. Thus, organizations can make decisions easily and more efficiently.

In conclusion, business analysis is important in a large organization in helping them handle the risk management as well as the big data that needs to be faced. This business analysis has an impact on the company in terms of the efficiency of an organization in handling their data. Every organization must expect something good to happen in their company so that they can run their company in the Long run by earning a profit that is worth the efforts of their organization.

(706 words)

2. UOB Bank United Overseas Bank (UOB) is one of the banking companies that uses business analytics because it contains big data that needs to be managed. When owning a growing company, of course will have a relatively large risk of loss as well as risk in filling large data as well as the way it is managed need to have a more organized way of managing that risk. Therefore, the UOB bank uses business analytics in the company’s big data management method. UOB held a session to test the risk management system with the use of big data. As a result, UOB is able to obtain time savings in managing such risks. The time required before was about 18 hours but now, a few minutes is the time required by the risk management system. Therefore, UOB bank has implemented business analytics in the company. For example, UOB bank has launched several training programs for its employees and there are various programs held as a process of learning and development on the use of data. AML/CFT data is something that is important for every employee in the increasingly global and evolving financial system. (Kopanakis.J, 2018)

There are benefits in using business analytics in a company as a risk management system. Time savings gained from bank machine users to access their data from anywhere. It is an advantage to them because the data is housed in one place and can be accessed on any machine and quickly without having to wait. For example, UOB banks headquartered in have used insights from transaction data to personalize the banking experience for customers and business clients across its network in Asia. Not only that, FI and UOB banking organization have further expanded their data by analysing transaction behaviour and online consumer needs as well as consumer spending patterns. UOB informed that their risk management system is able to solve without having to wait a few hours but only a few minutes and it can solve their problem. For example, UOB bank has managed to gain recognition in anti -money laundering (AML) monitoring from data analytics. Analytics is able to evaluate situations which maybe feel suspicious in the system such as false alarms and so on.

However, there are some challenges faced by UOB bank in launching the latest software in the company. Every new thing that is implemented will definitely have challenges to face such as reconciling compliance with rules and internal controls. For example, sending rules built for traditional. In aligning compliance and control requirements, AI / ML at the FCC requires significant work with FCC operations into entirely new application territories. In addition to good governance and accountability, managing risk is something

that is important. They are working to highlight these core principles throughout a series of white papers created by UOB with Deloitte. As models become increasingly sophisticated and advanced, this journey needs to be continued in line with solid principles. The next challenge is the interests of various parties. To formulate a best practice framework, companies need input from across the industry as well as creating significant logistical challenges. The selection of different players adds to the conflict and causes the problem of uniformity to exist. Some differences may exist as a result of the details worked on by the industry although in terms of broader principles it is unlikely that there will be a major disagreement. Baselines can apply universally when broad principles work. On their unique architecture and requirements, each FI can work based on the required details.

In conclusion, business analysis has many importance that impact the development of a company. It helps in reducing risks in the organization. Furthermore, when there is a system that helps in making an accurate decision based on existing data, it not only launches the company's business system, but also helps in customer choices, trends and so on. Business analysis helps organizations to reduce risk. Therefore, UOB bank concluded using business analysis in risk management as well as managing big data to avoid problems to their system such as data loss, leakage and so on.

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3. Based on the Employees’ Salaries dataset and by using the Descriptive Statistic Tools in Excel,

i.

Descriptive summary statistics for employee salary variable.

Salary Mean Standard Error Median Mode Standard Deviation Sample Variance Kurtosis Skewness Range Minimum Maximum Sum Count

ii.

45310.28571 2220.721114 42377 #N/A 13137.96329 172606079.4 0.705475424 0.782215229 58790 26086 84876 1585860 35

Interpret all measure of central tendency, measure of dispersion and measure of shape and other statistics results in the summary table.

Measurer of central tendency: Mean Median Mode

45310.28571 42377 #N/A

Measure of dispersion: Standard deviation Range Sample Variance

13137.96329 58790 172606079.4

Measure of shape: Skewness

0.782215229

Kurtosis

0.705475424

iii.

the z-scores for all observations.

iv.

outliers in the employee salary variable.

REFERENCE businesstimes.com.sg. (n.d.). https://www.businesstimes.com.sg/hub/sff-x-switch-2019/uobis-banking-on-data. Importance of Business Analytics: Advantages and Role of Business Analytics in Marketing, Banking

&

Finance.

Exeed

College.

(2020,

May

13).

https://exeedcollege.com/blog/why-business-analytics-is-so-important-forsuccess/#:~:text=Business%20analytics%20help%20organizations%20to,short%20and %20long%2Dterm%20risk. Kopanakis, J. (2018, June 4). 5 Real World Example Of How Brands Are Using Big Data Analytics. Retrieved May 15, 2021, from https://www.mentionlytics.com/blog/5-real-worldexamples-of-how-brands-are-using-big-data-analytics/ Singh, R. (2020, May). (thesis). Advanced analytics and innovation in Financial Crime Compliance

The

future

is

now.

Deloitte

Southeast

Asia

Ltd.

Retrieved

from

https://www2.deloitte.com/content/dam/Deloitte/sg/Documents/finance/sg-fas-advancedanalytics-innovation-in-financial-crime-compliance.pdf What

is

Business

Analytics?

Definition

and

https://www.omnisci.com/technical-glossary/business-analytics.

FAQs.

OmniSci.

(n.d.)....