Business Analytics - Chapter 1: Introduction to Decision Making

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What is the last step in the decision-making process according to the text?

Evaluate the alternatives

Identify and define the problem

Choose an alternative (correct)

Determine the criteria for evaluating alternative solutions

Which category of analytics includes tools such as reports, data visualization, and descriptive statistics?

Descriptive analytics (correct)

Predictive analytics

Prescriptive analytics

Diagnostic analytics

What are two key factors that make decision making difficult according to the text?

Uncertainty and an overwhelming number of alternatives (correct)

Strategic decisions and operational decisions

Tactical decisions and prescriptive decisions

Descriptive analytics and predictive analytics

Which level of decision making is concerned with the overall direction of the business?

Strategic decisions Signup and view all the answers

What do business analytics approaches assist in according to the text?

Identifying and mitigating uncertainty Signup and view all the answers

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

Prescriptive analytics Signup and view all the answers

What is the main difference between predictive and prescriptive analytics?

Predictive analytics uses past data to predict future events, while prescriptive analytics uses data to determine a course of action. Signup and view all the answers

What are the characteristics of big data?

Big data refers to any 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 is the goal of business analytics?

The goal of business analytics is to transform data into insight for making better decisions. Signup and view all the answers

What is the primary function of data scientists?

Data scientists are trained in computer science and statistics to effectively process and analyze massive amounts of data. Signup and view all the answers

What is the purpose of Hadoop in the context of big data?

Hadoop is an open-source programming environment that supports big data processing through distributed storage and processing on clusters of computers. Signup and view all the answers

What does the Internet of Things (IoT) technology enable?

IoT technology allows data collected from sensors in machines to be sent over the Internet for storage and analysis. Signup and view all the answers

What does simulation optimization involve?

Simulation optimization involves combining probability and statistics with optimization techniques to find good decisions in complex settings. Signup and view all the answers

What is the key focus of decision analysis?

Decision analysis focuses on developing an optimal strategy when faced with several decision alternatives and an uncertain set of future events. Signup and view all the answers

What does utility theory study?

Utility theory studies the total worth or relative desirability of a particular outcome that reflects the decision maker’s attitude toward factors such as profit, loss, and risk. Signup and view all the answers

What is the primary function of MapReduce within Hadoop?

MapReduce divides the data into subsets and distributes it for storing and processing on clusters of computers. Signup and view all the answers

What makes a set of data 'big data'?

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