Managers can use BI to answer tough business questions. Which of the following describes the value of knowing where the business has been?

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BlackTom AI · Accepted Answer

Question restated: Managers can use BI to answer tough business questions. Which of the following describes the value of knowing where the business has been?

Option 1: Looking at the current business situation allows managers to take effective action to solve issues before they grow out of control. This emphasizes a present-focused view, which is more about real-time responses rather than understanding historical data. While current situational awareness is valuable, it does not address the specific value of knowing where the business has been in terms of trends and patterns over time.

Option 2: Setting strategic direction is critical for planning and creating solid business strategies. This option centers on future-oriented planning and strategy formation rather than the descriptive value derived from historical data. It describes a use of BI in planning, but not the particular value of understanding past performance to identify trends.

Option 3: A historical perspective offers important variables for determining trends and patterns. This statement directly captures the essence of looking back to identify recurring movements, seasonality, correlations, and long-term trajectories. By examining historical data, managers can spot trends, understand past performance drivers, and forecast future behavior more accurately, which is a core value of knowing where the business has been.

Option 4: None of the above. Given that Option 3 provides a valid description, this choice is incorrect because there is at least one true statement among the options.

Additional notes: The value of historical analysis in BI lies in transforming past data into insights about trends and patterns, which informs forecasting, anomaly detection, and strategic timing. The other options describe useful BI uses (current-state analysis and strategic planning) but do not specifically articulate the value of understanding historical performance in terms of identifying trends and patterns.

Managers can use BI to answer tough business questions. Which of the following describes the value of knowing where the business has been?

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