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BI,business Analytics and Data Science Appear Quite Similar

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Essay

BI,business analytics and data science appear quite similar.However,each is different and it has become increasingly necessary for organisations to become cognizant of the distinctions between these terms,as they relate to the value they can produce for the enterprise.How do BI,business analytics and data science differ?


Definitions:

Status-Quo Bias

Status-quo bias is the preference to keep things the same or maintain a current or previous decision.

Prospect Theory

A theory in behavioral economics explaining the decision-making process of individuals when faced with alternatives that have uncertain outcomes, with known probabilities of these outcomes.

Behavioral Economics

A field of economic research that studies the effects of psychological, cognitive, emotional, cultural, and social factors on the economic decisions of individuals and institutions.

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