Exam #2

Define: Sensitive Analysis, What-If Analysis, Goal-Seeking Analysis?

- Sensitive Analysis: keep all factors constant except one - What-If Analysis: attempts to predict impact of change in the assumptions (input data) on the proposed solution - Goal-Seeking Analysis: reverse solution attempt to calculate a desired goal (how many sales for $1mil profit)

Within problem structure, what are the three types of decisions that need to be made?

- Structured Decisions: problems with solutions (call pg&e) - Semi-Structure Decisions: part of solution - Unstructured Decisions: unannounced problems, no solution but human intuition and judgment

What are the three basic roles managers perform?

- interpersonal: leader/figurehead, liasion - informational: spokesperson analyzer, monitor, disseminator - Decisional: entrepreneur, disturbance handler, resource allocator, negotiator

What is Data Visualization and Geographic Information System (GIS)

- tools that display the results of analyses in visual formats like charts -GIS computer system showing digitalized maps

________ can perform two basic operations: 1) identifying previously unknown patters and 2) predicting trends and behaviors.

Data mining

________ is a capability of dashboards that gives the user the ability to go to details at several levels by a series of menus or by clicking on a portion of the screen that can be expanded.

Drill down

________ is an interpersonal role.

Figurehead

________ is an interpersonal role.

Leader

________ involves slicing and dicing data, drilling down in the data, and rolling up data to greater summarization.

OLAP

________ is a decisional role.

Resource allocator

The entire business analytics process starts with ________.

a business problem

Data Mart

a data collection, smaller than the data warehouse, that addresses the needs of a particular department or functional area of the business

What is Online Analytical Processing (OLAP)

ability to manipulate and analyze large volumes of data simultaneously (Slicing & dicing) from multiple perspectives (dimensions)

Business Intelligence

analyzing large amounts of data so managers can make strategic decision making

What are the reasons managers need IT support?

b/c # of alternatives are constantly increasing, pressure, uncertainty(help to make decisions)

Define Decision

choice among two or more alternatives

What is a Decision Support System (DSS)

combine models & data to analyze semistructured problems and some unstructured problems

Which software is mostly used by small companies for their business intelligence work?

commercial software

Define Management

process of organization achieving its goals using resources

What is a Dashboard?

provides easy access to timely information and direct access to management reports. Designed specifically for top executives

Data Mining

searching for valuable business info, in large databases(data warehouse/data mart) to identify previously unknown patterns

Every year, you have to give each of your employees a performance review and decide whether they have earned a raise. This is a(n) ________ decision.

semistructured

Considering the nature of decisions, the long-range goals and policies for growth and resource allocation is ________.

strategic planning

Data Warehousing

the collection, storage, and retrieval of data in electronic files

Data silos are often associated with ________.

the development of one or a few related analytics applications

What is meant by the term key performance indicator?

the specific measures of CSFs(critical success factors)