Decision Analysis in Utility Theory

What is the primary focus of Financial Analytics?

Forecasting financial performance

Which term is sometimes used interchangeably with 'prescriptive analytics'?

Predictive advanced analytics

What is a key application area for HR Analytics?

Analyzing human resources data

Which sector commonly uses simulation to assess risk?

Financial Signup and view all the answers

What is a common outcome of Financial Analytics?

Create optimal capital budgeting plans Signup and view all the answers

'Resource (HR) Analytics' focuses on analyzing data related to which aspect?

Human resources Signup and view all the answers

What is the main responsibility of managers according to the text?

Make strategic, tactical, and operational decisions Signup and view all the answers

Which development has contributed to businesses solving big problems faster and more accurately?

Better computing hardware Signup and view all the answers

What do strategic decisions involve according to the text?

Overall goals and aspirations of the organization Signup and view all the answers

How have methodological developments contributed to the growth of analytical methods in business applications?

By pairing with better computing hardware Signup and view all the answers

In what way has cloud computing impacted businesses' ability to solve big problems?

Enabling faster problem-solving Signup and view all the answers

What has allowed businesses to solve big problems more accurately than ever before?

Better computing hardware Signup and view all the answers

What do tactical decisions concern?

Midlevel management responsibilities Signup and view all the answers

Which step is NOT part of the decision-making process described in the text?

Develop a timeline for implementation Signup and view all the answers

Who are the individuals responsible for operational decisions according to the text?

Operations managers Signup and view all the answers

Which of the following is NOT a common approach to making decisions as per the text?

Trial and error Signup and view all the answers

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

Choose an alternative Signup and view all the answers

Who are responsible for determining how the organization should achieve its strategic goals?

Operations managers Signup and view all the answers

What is the main purpose of decision analysis?

To develop an optimal strategy with uncertain future events Signup and view all the answers

Which theory is employed in decision analysis?

Utility theory Signup and view all the answers

What does the term 'Big Data' refer to?

Data that is too large or complex for standard data-processing techniques Signup and view all the answers

According to IBM, how many Vs are used to describe the phenomenon of big data?

Four Vs Signup and view all the answers

Why has the collection of data electronically led to vast quantities of data?

Electronic data collection allows for more data to be collected Signup and view all the answers

What is the key factor determining the usefulness of collected electronic data?

The storage requirements Signup and view all the answers

What is a key application of business analytics in professional sports teams?

Assessing players for amateur drafts Signup and view all the answers

In what way do professional motorcycle racing teams use business analytics for a competitive advantage?

Optimize gearbox design Signup and view all the answers

How do franchises in major sports utilize prescriptive analytics?

Dynamically adjusting ticket prices throughout the season Signup and view all the answers

What type of decisions are made based on online activities analyzed using business analytics?

Ticket price adjustments for games Signup and view all the answers

What does the slide suggest about the use of business analytics in professional sports off-the-field decisions?

It focuses on dynamically adjusting ticket prices Signup and view all the answers

Which aspect of sports analytics is highlighted in the text's discussion about online activity analysis?

Dynamically adjusting ticket prices Signup and view all the answers