BCOR 2020

The decisions concerning an organization's goals and future plans are called (BA)

strategic decisions

Predictive analytics (BA)

techniques that use models constructed from past data to predict the future or ascertain the impact of one variable on another.

Business analytics (BA)

the scientific process of transforming data into insight for making better decisions (data-driven or fact-based)

Descriptive analytics (BA)

the set of techniques that describes what has happened in the past. ex: data queries, reports, descriptive statistics...

A quantity of interest that can take on different values is known as a(n) ____________. (BA)

variable

The difference in a variable measured over observations (time, customers, items, etc.) is known as ________________. (BA)

variation

advanced analytics (BA)

Predictive and prescriptive analytics.

In the spectrum of business analytics, which is the most complex? (BA) Prescriptive Operational Descriptive Predictive

Prescriptive

Data (IS)

Raw facts such as an employee number or total hours worked in a week.

_____ encompasses all the activities required to get the right product into the right consumer's hands in the right quantity at the right time and at the right cost, from acquisition of raw materials through customer delivery (IS)

Supply chain management

prescriptive analytics (BA)

Techniques that analyze input data and yield a best course of action

mean

The _______ provides a measure of central location for a dataset

Broad social issues often intrude our personal lives thus we need to __________. (CT)

develop informed, intelligent opinions about these issues so we can function as responsible citizens

The value of information is directly linked to how it helps decision makers achieve their organization's _____. (IS)

goals

Operational decisions (BA)

how the firm is run from day to day; they are the domain of operations managers, who are the closest to the customer

Tactical decision (BA)

how the organization should achieve the goals and objectives set by its strategy, mid-level management

Which of the following is a set of interrelated components that collect, manipulate, store, and disseminate data and information and provide a feedback mechanism to meet an objective? (IS) big data software hardware information system

information system

The letter grades (A, B, C, D, F) of business analysis students are recorded by a professor. This variable's classification _______________. (BA)

is categorical data

illegitimately missing data (BA)

missing data that does not occur naturally

legitimately missing data (BA)

missing data that occur naturally

Which of the following is not an approach to making decisions? (BA) Intuition Guess and check Tradition Rules of Thumb

Guess and check

decision making steps (BA)

1. Identify and define the problem. 2. Determine the criteria that will be used to evaluate alternative solutions. 3. Determine the set of alternative solutions. 4. Evaluate the alternatives. 5. Choose an alternative.

sample

A ________ acts as a representative of the population

variable (BA)

A characteristic or quantity of interest that can take on different values

Information (IS)

A collection of data organized and processed so that it has additional value beyond the value of the individual facts.

mode (BA)

A measure of central location defined as the value that occurs with greatest frequency

median (BA)

A measure of central location provided by the value in the middle when the data are arranged in ascending order

range (BA)

A measure of variability defined to be the largest value minus the smallest value.

variable

A quantity of interest that can take on different values is known as a(n)

data query (BA)

A request for information with certain characteristics from a database. (means, measures of variation, tables, charts, and maps, etc.)

decision analysis (BA)

A technique used to develop an optimal strategy when a decision maker is faced with several decision alternatives and an uncertain set of future events.

Cross-sectional data (BA)

Data collected at the same or approximately the same point in time.

categorical data (BA)

Data for which categories of like items are identified by labels or names. Arithmetic operations cannot be performed on categorical data.

quantitative data (BA)

Data for which numerical values are used to indicate magnitude, such as how many or how much. Arithmetic operations such as addition, subtraction, and multiplication can be performed on quantitative data.

Time series data (BA)

Data that are collected over a period of time (minutes, hours, days, months, years, etc.).

variation (BA)

Differences in values of a variable over observations

T or F: A population is a subset of a sample. (BA)

False

T or F: A set of random or unrelated tasks performed to achieve a definite outcome is called a process (IS)

False

T or F: A sustaining innovation is one that initially provides a lower level of performance than the marketplace has grown to accept (IS)

False

T or F: Data collected from several entities over a period of time (minutes, hours, days, etc.) are called cross-sectional data. (BA)

False

T or F: Data dashboards are a type of predictive analytics. (BA)

False

T or F: If you effectively think critically and independently, there is no need to understand and appreciate the viewpoints of others because there is nothing more you can learn and benefit (CT)

False

T or F: Information consists of raw facts, such as an employee number, number of hours worked in a week, inventory part numbers, or sales orders. (IS)

False

T or F: The concept of a value chain is not significant to organizations unless they manufacture products. (IS)

False

the goal of critical thinking?

To fully evaluate all parts of a claim that is made

T or F: Critical Thinking allows you to adapt more quickly and easily when you are presented with new information.

True

T or F: Data-driven decision making tends to decrease a firm's risk. (BA)

True

Covariance (BA)

a descriptive measure of the linear association between two variables

simulation optimization (BA)

combines the use of probability and statistics to model uncertainty with optimization techniques to find good decisions

The idea of _____ is a form of innovation that constantly seeks ways to improve business processes and add value to products and services. (IS)

continuous improvement