The analytics team is struggling with which recommendation to make. Their challenge is that they have five good options and this indecision is stopping them from moving forward. To help the team finalize their recommendation, the BA professional on the team recommends they complete:
Acceptance and evaluation criteria are the techniques that the BA professional on the team should recommend they complete, because they are the standards or measures that are used to evaluate the suitability and value of each option. Acceptance and evaluation criteria can help the team compare the benefits, costs, risks, and impacts of each option, and determine which one best meets the needs and expectations of the stakeholders. Acceptance and evaluation criteria can also help the team communicate the rationale and evidence behind their recommendation, and ensure that the recommendation is aligned with the business goals and objectives. Reference:
* Business Analysis Certification in Data Analytics, CBDA | IIBA, CBDA Competencies, Domain 5: Use Results to Influence Business Decision Making
* Understanding the Guide to Business Data Analytics, page 9
* Acceptance and Evaluation Criteria | Business Analysis
A food and beverage company would like to administer a survey to obtain customer insights about a new cookie product recently launched. A data team is asked to build the survey paying careful attention to reduce the degree of sampling error. Which criteria would help the team meet this objective?
The analytics team has completed their analytics work and have agreed on a set of five key recommendations. They are now discussing how best to communicate these recommendations to the finance, customer service, and marketing teams. Recognizing that this is a diverse set of stakeholders, the business analysis professional reminds the team:
A financial software company has growth and expansion as one of their top strategic priorities for the year. The senior executive team would like to assess their sales performance over the last 3 years to help set sales objectives. In discussion with the business analytics manager, for a comprehensive sales report, the sales lead recommends looking into the number of contracts signed over the past 3 years and the dollar value for the signed contracts. Which other question is important to consider when evaluating sales performance?
The average time for conversion is the average number of days it takes to convert a lead into a customer. This is an important question to consider when evaluating sales performance, because it indicates the efficiency and effectiveness of the sales process. A shorter time for conversion means that the sales team can close more deals in less time, and thus increase the revenue and profitability of the company. A longer time for conversion may indicate that there are bottlenecks, challenges, or inefficiencies in the sales process that need to be addressed. Reference:
* Business Analysis Certification in Data Analytics, CBDA | IIBA, CBDA Competencies, Domain 5: Use Results to Influence Business Decision Making
* Understanding the Guide to Business Data Analytics, page 9
* Business Data Analytics (IIBA-CBDA Exam preparation) | Udemy, Section 4: Interpret and Report Results, Lecture 19: Sales Performance Metrics
A large telecommunications company wants to increase their Average Revenue Per User per month by 5%, by end of year, to increase revenue in a highly competitive market. From a SMART target perspective, what is missing?
A SMART target is one that is specific, measurable, achievable, relevant, and time-bound1. The target of increasing the Average Revenue Per User (ARPU) per month by 5%, by end of year, to increase revenue in a highly competitive market is missing the specificity criterion, as it does not mention which product group or line the target applies to. The target should be more specific and clear about the scope and context of the desired outcome, such as which segment, region, or service the target relates to23. Reference: 1: Guide to Business Data Analytics, IIBA, 2020, p. 192: SMART Goals: How to Make Your Goals Achievable, MindTools, 2021, 13: How to Set SMART Marketing Goals, CoSchedule, 2021, 2.
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