Business Analytics - Chapter 1: Introduction to Decision Making (Easy)

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What is the first step in the decision-making process?

Choose an alternative

Identify and define the problem (correct)

Determine the criteria for evaluating alternative solutions

Evaluate the alternatives

Which category of analytics describes what has happened?

Diagnostic analytics

Descriptive analytics (correct)

Prescriptive analytics

Predictive analytics

What type of decisions are concerned with how to achieve the strategic goals of the business?

Uncertain decisions

Operational decisions

Strategic decisions

Tactical decisions (correct)

Which factor makes decision making difficult by presenting an overwhelming number of alternatives?

Complexity Signup and view all the answers

What can assist in decision making by prescribing the best course of action from a very large number of alternatives?

Business analytics approaches Signup and view all the answers

Which type of decisions must be made to run the company on a day-to-day basis?

Operational decisions Signup and view all the answers

What type of analytics includes tools such as reports and data dashboards?

Descriptive analytics Signup and view all the answers

What category of analytics can help make better-informed decisions?

Descriptive analytics Signup and view all the answers

Which step in the decision-making process involves determining the set of alternative solutions?

Determine the criteria for evaluating alternative solutions Signup and view all the answers

Which type of decisions is concerned with the overall direction of the business?

Strategic decisions Signup and view all the answers

What type of decisions is midlevel and concerned with how to achieve the strategic goals of the business?

Tactical decisions Signup and view all the answers

Which category of analytics includes prescribing the best course of action from a very large number of alternatives?

Prescriptive analytics Signup and view all the answers

What is the primary goal of predictive analytics?

To use past data to predict future events or ascertain the impact of one variable on another Signup and view all the answers

What is the main focus of prescriptive analytics?

Determining a course of action Signup and view all the answers

What is the definition of big data?

A set of data that is too large or too complex to be handled by standard data-processing techniques or typical desktop software Signup and view all the answers

What do data scientists specialize in?

Effectively processing and analyzing massive amounts of data Signup and view all the answers

What is the primary function of Hadoop?

To support big data processing through distributed storage and distributed processing on clusters of computers Signup and view all the answers

What is the focus of rule-based models?

Determining a best course of action based on a rule or set of rules Signup and view all the answers

What does simulation optimization involve?

Using probability and statistics to model uncertainty, combined with optimization techniques, to find good decisions in highly complex and highly uncertain settings Signup and view all the answers

Which type of decision is concerned with how the organization is run from day to day?

Operational decision Signup and view all the answers

What is utility theory focused on?

Studying the total worth or relative desirability of a particular outcome reflecting a decision maker’s attitude toward factors such as profit, loss, and risk Signup and view all the answers

What is the Internet of Things (IoT)?

The technology that allows data collected from sensors in all types of machines to be sent over the Internet to repositories where it can be stored and analyzed. Signup and view all the answers

What do descriptive analytics focus on?

Describing what has happened using analytical tools. Signup and view all the answers