Decision Analysis in Utility Theory
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Questions and Answers

What is the primary focus of Financial Analytics?

  • Analyzing customer behavior
  • Improving employee engagement
  • Optimizing supply chain operations
  • Forecasting financial performance (correct)

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

  • Diagnostic analytics
  • Predictive advanced analytics (correct)
  • Business intelligence
  • Descriptive analytics

    • What is a key application area for HR Analytics?

  • Improving customer service
  • Analyzing human resources data (correct)
  • Optimizing marketing campaigns
  • Forecasting financial trends

    • Which sector commonly uses simulation to assess risk?

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

    What is a common outcome of Financial Analytics?

    <p>Create optimal capital budgeting plans</p> Signup and view all the answers

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

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

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

    <p>Make strategic, tactical, and operational decisions</p> Signup and view all the answers

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

    <p>Better computing hardware</p> Signup and view all the answers

    What do strategic decisions involve according to the text?

    <p>Overall goals and aspirations of the organization</p> Signup and view all the answers

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

    <p>By pairing with better computing hardware</p> Signup and view all the answers

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

    <p>Enabling faster problem-solving</p> Signup and view all the answers

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

    <p>Better computing hardware</p> Signup and view all the answers

    What do tactical decisions concern?

    <p>Midlevel management responsibilities</p> Signup and view all the answers

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

    <p>Develop a timeline for implementation</p> Signup and view all the answers

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

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

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

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

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

    <p>Choose an alternative</p> Signup and view all the answers

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

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

    What is the main purpose of decision analysis?

    <p>To develop an optimal strategy with uncertain future events</p> Signup and view all the answers

    Which theory is employed in decision analysis?

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

    What does the term 'Big Data' refer to?

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

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

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

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

    <p>Electronic data collection allows for more data to be collected</p> Signup and view all the answers

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

    <p>The storage requirements</p> Signup and view all the answers

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

    <p>Assessing players for amateur drafts</p> Signup and view all the answers

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

    <p>Optimize gearbox design</p> Signup and view all the answers

    How do franchises in major sports utilize prescriptive analytics?

    <p>Dynamically adjusting ticket prices throughout the season</p> Signup and view all the answers

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

    <p>Ticket price adjustments for games</p> Signup and view all the answers

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

    <p>It focuses on dynamically adjusting ticket prices</p> Signup and view all the answers

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

    <p>Dynamically adjusting ticket prices</p> Signup and view all the answers

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