Week #8, Blog Entry #8: Big Data Analysis, Data Visualization, and Decision Making This week, we learned concepts related to big data analytics together with data visualization and its utility in business operations including gathering customer sampling data, market analysis, operations management, forecasting, supply change management, and customer service. Multiple companies provide big data management support services to firms to help them manage data gathering and analysis. Big Data Analysis Big data analysis is the process through which a firm can query needed data in a focused area to use the information to help make business decisions. Data needs to be queried, captured, stored, cleaned, analyzed, and shared in a useful format and platform for users to be able to analyze the meaning of the results and help them make business decisions. Data needs to be captured in a trustworthy manner and be statistically ana...
Posts
BUS 501: Business Perspectives
- Get link
- X
- Other Apps
Week #7, Blog Entry #7: Operations Management This week we learned concepts related to operations management and its importance in maintaining a highly efficient organization. Efficiency is defined as the ability to perform a service or produce a product well at the lowest possible cost. The primary objective of operations management is to transform the company’s resources into products and/or services in the most efficient way possible, by planning, coordinating, and controlling resources to balance costs and revenue (Hayes, 2024). Successful operations management requires integrating human capital, technology, information, and company processes to create value. Key strategies to achieve operational efficiency include automation and forecasting to employ technology to streamline production, decision-making proficiency to evaluate data and trends, and persistent motivation to keep employees engaged and m...
- Get link
- X
- Other Apps
Week #6, Blog Entry #6: Capital Investments: Bond Valuations and Net Present Value We learned this week that bonds are instruments for investments of companies and governments to generate capital. Capital investments generate income resources that allow companies and governments to finance their operations. Entities can generate capital in three ways: earning income through the sale of products and services, issuing stocks that give ownership of the entity in exchange for money, or bonds that are loan notes issued by the bond issuer to the purchaser which is the bond-holder. Net present value (NPV) is a calculation used to evaluate the financial feasibility of a capital investment. Bonds The bond market is bigger than the stock market. Bonds are an investment product where individuals lend money to an entity, business, or government, at an interest rate for a period of time. Bonds are used by ...
- Get link
- X
- Other Apps
Week #5, Blog Entry #5: Finance Fundamentals This week’s lessons focused on business finance tools to assess business profitability, economic forecasting, resource management, strategic investment, and planning to promote long-term business stability. Just like in medicine, accounting and finance have their own nomenclature and basic concepts that define economic issues that affect businesses and markets. Financial accounting collects data about a business and organizes it in specific standardize formats used by entities outside of the business, such as investors, creditors, and governments (Peterson, 2023). On the other hand, managerial accounting collects data for internal business use, amongst leaders, managers, and employees to help make decisions regarding the business’s operations and future. I will describe here the four basic reporting tools used to assess business health, economic strength, and profita...
- Get link
- X
- Other Apps
Week #4, Blog Entry #4: Marketing Strategy & Group Project This week’s lessons focused on the 4Ps of Marketing and a group project that applied all the business concepts we have learned so far. We specifically analyzed the sales management mistakes made by Under Armour, which resulted in monetary penalties and damage to their brand, retailers, and customer base. 4 P’s of Marketing Implementation: Product, Price, Promotion, and Physical Distribution The insights gained from extensive market and customer analysis are incorporated into a comprehensive marketing and advertising strategy, tailored to specific customer segments. This marketing implementation will emphasize advertising campaigns across designated retailers and platforms, informing customers about product offerings, product positioning, pricing, availability in retail stores, benefits, complementary products, and promotional and l...