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

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?

    <p>Complexity</p> 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?

    <p>Business analytics approaches</p> Signup and view all the answers

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

    <p>Operational decisions</p> Signup and view all the answers

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

    <p>Descriptive analytics</p> Signup and view all the answers

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

    <p>Descriptive analytics</p> Signup and view all the answers

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

    <p>Determine the criteria for evaluating alternative solutions</p> Signup and view all the answers

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

    <p>Strategic decisions</p> Signup and view all the answers

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

    <p>Tactical decisions</p> Signup and view all the answers

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

    <p>Prescriptive analytics</p> Signup and view all the answers

    What is the primary goal of predictive analytics?

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

    What is the main focus of prescriptive analytics?

    <p>Determining a course of action</p> Signup and view all the answers

    What is the definition of big data?

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

    What do data scientists specialize in?

    <p>Effectively processing and analyzing massive amounts of data</p> Signup and view all the answers

    What is the primary function of Hadoop?

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

    What is the focus of rule-based models?

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

    What does simulation optimization involve?

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

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

    <p>Operational decision</p> Signup and view all the answers

    What is utility theory focused on?

    <p>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</p> Signup and view all the answers

    What is the Internet of Things (IoT)?

    <p>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.</p> Signup and view all the answers

    What do descriptive analytics focus on?

    <p>Describing what has happened using analytical tools.</p> Signup and view all the answers

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