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.