business analytics chapter 1 quiz

web analytics

The analysis of online activity, which includes, but is not limited to, visits to web sites and social media sites such as Facebook and LinkedIn - leading companies apply descriptive and advanced analytics to data collected in online experiments to determine the best way to: - configure web sites - position ads - utilize social networks for the promotion of products and services

financial analytics

Use of predictive models - forecast future financial performance - assess risk of investment portfolios and projects - construct financial instruments such as derivatives - construct optimal portfolios of investments - allocate assets - create optimal capital in budgeting plans

volume

because data are collected electronically, we are to collect more of it to be useful, these data must be stored, and this storage has led to vast quantities of data

the scientific process of transforming data into insight for making better decisions is called

business analytics

supply chain analytics

- The core service of companies such as UPS and FedEx is the efficient delivery of goods, and analytics has long been used to achieve efficiency. - The optimal sorting of goods, vehicle and staff scheduling, and vehicle routing are all key to profitability for logistics companies such as UPS and FedEx. - Companies can benefit from better inventory and processing control and more efficient supply chains.

a better understanding of consumer behavior through marketing analytics leads to

- better use of advertising budgets - more effective pricing strategies - improved forecasting of demand - improved product-line management - increased customer satisfaction & loyalty

which of the following best exemplifies big data?

cellphone owners around the world generate vast amounts of data by calling, texting, tweeting, and browsing the Web on a daily basis.

data dashboards

collections of tables, charts, maps, and summary statistics that are updated as new data become available

simulation optimization

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

Walmart handles over one million purchase transactions per hour. Although the data represents opportunities,

it also presents analytical challenges from a processing point of view

all three types of analytics - descriptive, predictive, and prescriptive - are used in

marketing and health care analytics

marketing analytics

marketing is one of the fastest-growing areas for the application of analytics - through the use of scanner data and data generated from social media has led to an increased in marketing analytics

optimization model

models that give the best decision subject to constraints of the situation

variety

more complicated types of data are now available and are proving to be of great value to businesses - text data are collected by monitoring what is being said about a company's products or services on social media platforms - audio data collected from service calls - video data collected by in-store video camera and used to analyze shopping behavior

businesses that collect data about their customers take a (n) ____ to protect the data from misuse

obligation

the decisions that affect how the firm is run day-to-day are called

operational

supply network design models provide data about plant and distribution center locations that will minimize cost while still meeting the customer service requirements . these models are referred to as

optimization models

in some instances, advanced analytics refers to

predictive and prescriptive analytics

in a financial sector, we use ____ to construct financial instruments such as derivatives

predictive models

sports franchises dynamically adjust ticket prices throughout the season to reflect the relative attractiveness and potential demand for each game by using

prescriptive analytics

which of the following analytical techniques is designed to output the best decisions?

prescriptive analytics

rule based models

prescriptive models that rely on a rule or set of rules

A children's apparel manufacturer used descriptive analytics to

present supply chain to managers visually

the use of analytics in health care is becoming exceedingly important in order to control costs as well as

provide more effective treatments

which is NOT an acceptable approach to decision making

random selection

velocity

real time capture and analysis of data present unique challenges both in how data are stored and the speed with which those data can be analyzed for decision making

business analytics

scientific process of transforming data into insight for making better decisions - used for data-driven or fact-based decison making, which is often seen as more objective than other alternatives for decision making

a type of modeling that combines the use of probability and statistics to model uncertainty with optimization techniques to find good decisions in highly complex and highly uncertain settings is called

simulation optimization

the decisions concerning an organization's goals and future plans are called

strategic

data query

A request for information with certain characteristics from a database.

Hadoop

An open-source programming environment that supports big data processing through distributed storage and distributed processing on clusters of computers.

analytics for government and nonprofits

Analytics for government to: •Drive out inefficiencies. •Increase the effectiveness and accountability of programs. Analytics for nonprofit agencies to ensure their effectiveness and accountability to their donors and clients.

human resource (HR) analytics

New area of application for analytics the HR function is charged with ensuring that the organization that the organization: - has the mix of skill sets necessary to meet its needs - is hiring the highest quality talent and providing an environment that retains it - achieves its organizational diversity goals

sports analytics

Professional sports teams use to: - assess players for the amateur - decide how much to offer players in contract negotiations - professional motorcycle racing teams use sophisticated optimization for gearbox design to gain competitive advantage - teams use to assist with on-field decisions such as which pitchers to use in various games of a MLB playoff series - the use of analytics for off-the-field business decisions is increasing rapidly - using prescriptive analytics franchises across several major sports dynamically adjust ticket prices throughout the season to reflect the relative attractiveness & potential demand for each game

firms guided by data-driven decision making trend to have

a higher marker value

MapReduce

a programming model used within Hadoop that performs two major steps: the map step and the reduce step

predictive analytics

consists of techniques that use models constructed from past data to predict the future or ascertain the impact of one variable on another examples of techniques: - linear regression - time series analysis - simulation - data mining is used to find patterns or relationships among elements of the data in a large data base; often used in predictive analysis

corporate -level managers use ___ to summarize sales by region, current inventory levels, and other company wide metrics all in a single screen

data dashboards

A retail store owner offers a discount on product A and predicts that the customers would purchase products B and C in addition to product A. Identify the technique used to make such a prediction.

data mining

the U.S. Internal Revenue Service uses ____ to identify patterns that distinguish questionable annual personal income tax filings

data mining

requesting information from a manufacture's database on the number of shipments, how much was included in each statement , and the data each shipment was sent are examples of a

data query

professional sports teams use analytics to

decide how much to offer players in contract negotiations

when a decision maker is faced with several decision alternatives and an uncertain set of future events, he or she uses _____ to develop an optimal strategy

decision analysis

____ encompasses reports, data dashboards, and descriptive statistics to best describe past data

descriptive

health care analytics

descriptive, predictive, and prescriptive analytics are used to improve: - patient, staff, and facility scheduling - patient flow - purchasing - inventory control * use of prescriptive analytics for diagnosis and treatment may prove to be the most important application of analytics in health care

a company's human resources department is responsible for ensuring all of the following except that the

employees are having proper amount of taxes removed from their gross pay

the tools of business analytics are useful for all of the following except

enabling us to eliminate all risk in decision making

descriptive analytics

encompasses the set of techniques that describes what has happened in the past examples: - data queries - reports - descriptive stats - data visualization - data mining techniques - basic what-if spreadsheet models

with the advent of big data and the dramatic increase in the use of analytics and data science to improve decision making, increased attention is being given to _____ surrounding data privacy and the ethical use of models based on data.

ethical concerns

GE Asset Management uses optimization models to decide how to allocate its investments. This is an example of

financial analytics

veracity

has to do with how much uncertainty is in the data

tactical decisions are concerned with

how the organizational goals and objectives should achieve the goals and organizations set by its strategy

there are five steps to the decision making process, of the five steps, which is the most critical?

identifying and defining the problem

prescriptive analysis

indicates a best course of action to take - provide a forecast or prediction, but do not provide a decision - a forecast or prediction, when combined with a rule becomes a prescriptive model

simulation

involves the use of probability and statistics to construct a computer model to study the impact of uncertainty on a decision

Picks and Axes Inc. is an Internet-based retail seller of hiking boots and mountaineering gear. The company decides to open retail stores across the major areas of the city to help complement its Internet-based strategy. This activity would be categorized as a(n)

strategic decison

data securities

the protection of stored data from destructive forces or unauthorized users, is of critical importance to companies

data mining

the use of analytical techniques for better understanding patterns and relationships that exist in large data sets examples of techniques - cluster analysis - sentiment analysis

simulation optimization helps

to find good decisions in highly complex and highly uncertain settings.

decision analysis

used to develop an optimal strategy when a decision maker is faced with several decision alternatives and an uncertain set of future events - employs utility theory which assigns values to outcomes based on the decision maker's attitude toward risk, loss, and other factors

____ assigns values to outcomes based in the decision maker's attitudes towards risk, loss, and other factors

utility theory

IBM describes Big Data through the phenomenon of the 4 Vs, shown below. Identify the "V" illustrated by data in many forms

variety

IBM describes Big Data through the phenomenon of the 4 Vs, shown below. Identify the "V" illustrated by data in motion.

velocity

IBM describes Big Data through the phenomenon of the 4 Vs, shown below. Identify the "V" illustrated by data in doubt

veracity

IBM describes Big Data through the phenomenon of the 4 Vs, shown below. Identify the "V" illustrated by data at rest

volume

uses of dashboards

•To help management monitor specific aspects of the company's performance related to their decision-making responsibilities. •For corporate-level managers, daily data dashboards might summarize sales by region, current inventory levels, and other company-wide metrics. •Front-line managers may view dashboards that contain metrics related to staffing levels, local inventory levels, and short-term sales forecasts.