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Updated on: 20th Apr 2023

ANL310 Business Analytics Applications and Issues SUSS Assignment Sample Singapore

Welcome to the exciting journey of ANL310 Business Analytics Applications and Issues! This course offers a comprehensive exploration of the various applications of business analytics, delving into the challenges and issues that professionals face in today’s data-driven world. As we navigate through the ever-evolving arena of analytics, we’ll uncover the limitless ways in which businesses can effectively leverage data to make informed decisions and enhance their competitive edge.

As a part of our exploration, we will delve into contemporary case studies, emerging industry trends, and hands-on learning experiences, all geared toward preparing you for a thriving career in this multidimensional field. By the end of this course, you will possess a strong foundation in business analytics, coupled with the critical thinking and problem-solving skills necessary to adeptly navigate real-world scenarios. So, fasten your seatbelts and get ready for an incredible learning experience on this cutting-edge module!

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In this section, we will outline a few assignment briefs. These include:

Assignment Brief 1: Compare the different modeling techniques used in different industries.

Modeling techniques have been integral to many different industries, either driving decisions or further understanding the dynamics of a market. Depending on the objective and resources available, businesses can choose from a variety of approaches — predictive models allow organizations to forecast outcomes around different strategies or tactics, while descriptive models provide an enhanced understanding of an audience through consumer segmentation.

Other types of analytics, such as prescriptive or causality-based models are increasingly used by brands to explore new opportunities for growth and efficiency improvement. No matter the industry, it is becoming more important for organizations to take advantage of these modeling techniques and incorporate them into their decision-making process.

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Assignment brief 2: Describe the different data mining applications used in different industries.

Data mining is a powerful tool that can be applied across several industries to gain new insight from data. Different types of technologies such as neural networks, customer segmentation, natural language processing, data visualization and supervised learning are used in various industries to extract patterns from large datasets. In business, for example, the software is used to find trends in customer behavior and predict future sales performance. In healthcare, on the other hand, data mining can be used for medical research and epidemiological studies.

In financial services, data mining functions to detect fraud or risky investments. These applications not only provide invaluable information but can also give us a deeper understanding of the behavior of consumers or patients so that businesses can develop innovative solutions that meet customer or market needs.

Assignment Brief 3: Discuss issues related to the deployment of data mining models.

In recent years, the deployment of data mining models has become a pressing issue for many organizations. Deploying such models requires understanding and control over the underlying datasets that are used to generate them, as well as knowing how the results will be applied. Additionally, deployment requires frequent maintenance to ensure accuracy and relevance in light of existing real-world changes, which means never-ending research and experimentation to understand the implications of various inputs.

The issue is further compounded by privacy concerns raised by increasingly sophisticated tracking technologies, forcing organizations to take extra steps to ensure user data remains secure while still leveraging the potential benefits of data mining. Ultimately, managing data mining models in a responsible manner is a complicated but necessary effort that needs to be taken seriously if any meaningful progress is going to be made.

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Assignment Brief 4: Evaluate the application of business analytics in different industries.

Business analytics has grown exponentially in recent years, proving to be an invaluable resource for organizations across a variety of industries. By providing insight into the performance of companies and the industry landscape as a whole, analytics can help inform critical decisions and optimize strategies. For example, financial institutions use business analytics to monitor markets, predict customer behavior, and create detailed projections. Healthcare organizations can leverage this technology to gain better insights into patient trends and access real-time operational data.

Additionally, media businesses often tap into analytics to personalize viewers’ experiences (i.e., targeted ads) and more effectively monetize their content. Ultimately, with business analytics’ adaptive abilities being so far-reaching and successful in numerous fields, it is clear that the automation of these processes will continue to grow in significance moving forward.

Assignment Brief 5: Recommend the appropriate analytics techniques to derive useful information to support decision-making for a variety of business problems.

When it comes to making informed and data-driven decisions, analytics techniques are necessary for businesses that want to stay ahead in their industries. Charting and graphing methods such as line, bar, and pie charts can visualize data quickly to identify patterns and trends. By using descriptive analytics techniques such as linking customer data to product sale data, businesses can identify relationships between customer behaviors and product preferences; while predictive analytics allows them to use past information to predict future outcomes.

For optimization questions, prescriptive analytics can suggest the optimal course of action in a given situation by leveraging available evidence with mathematical algorithms. With the right analytic approach tailored for each business problem, businesses can use analytics tools not only as aids for decision-making but also for optimizing strategies for their competitive edge.

Assignment Brief 6: Critique the application of business analytics in different industries.

Business analytics have become increasingly important in a variety of industries, as they analyze big data sets to uncover new methods of optimizing operations. These analytics provide valuable insight that can help businesses make smarter decisions and improve outcomes. Despite the potential benefits, there is a great deal of debate about how business analytics should be implemented correctly for each industry – some believe that the standard approach should apply across all sectors, while others argue that more nuanced approaches are required depending on the specific needs of each industry.

In order to capitalize on the powerful insights that business analytics can provide, it is essential for companies to take into account any differences between industries before beginning their analysis. Only then can organizations make well-informed decisions that will yield desired results.

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