The Enterprise and Economic Development Glossary a resource of the .network library

venture:

... the endeavor of a risk taker; an organized entrepreneurial undertaking involving financial risk but having a goal of success in the form of expected gain. Venture is a one word description of what members of the .network core user group are involved with as enterprise developers. They are, for example, involved in new enterprise startups.

A savvy business decision maker starting out on a new venture generally takes an enterprising approach which means using some type of predictive analytics for calculating risk and potential gain. Calculating the risk is part of venture planning, not something that is done after the fact. Take a look at a 5-step outline of how the enterprise development and site selection projects should proceed. The steps apply for most enterprising undertakings.

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The Enterprise and Economic Development Glossary a resource of the .network library

business analytics:

... data analysis for the purpose of making changes or improvements, especially, for gaining an understanding of risk and potential gain. Analytics is defined by Business Dictionary.com as a focus on ... studying past historical data to research potential trends, to analyze the effects of certain decisions or events, or to evaluate the performance of a given tool or scenario (source of quote). Wikipedia lists various types of analytics under its discussion of Business Analytics, which is also referred to as BA. More explanation and additional insight about the financial impact of business analytics are available in a 2004 Information Management.com article. The article points to connections between analytics and ROI.

It goes without saying that analytics are important to business decision makers. Using various methodologies, practices, applications, technologies, and skills to extract useful knowledge from past experience may lead to setting a higher standard of excellence to pursue.

Productivity analytics that put statistics together with observation are useful for continuous improvement and other business solutions. Facts and other useful information from the past as well as those available in the present feed into the analytics of enterprise development.

Experienced enterprise developers are likely to use business analytics at the start of project planning. As top tier business risk takers they lean heavily on predictive analytics.

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The Enterprise and Economic Development Glossary a resource of the .network library

new venture startup:

... the outset of a venture or that of an enterprise as a result of new venture planning; the enterprising undertaking of an entrepreneur. New venture startups engage enterprise developers with various resource and service providers, for example, venture capitalists and location data suppliers. Savvy enterprise developers do thoughtful planning and depend on convincing predictive analytics before getting underway with a new venture startup.

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