Decision Making Concepts Quiz

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Questions and Answers

What best describes a business function?

A technological tool used for business management

The work done to achieve a specific business goal (correct)

A collection of unrelated tasks within a company

A set of activities standardized across industries

Which of the following represents a business process?

Developing a new product line

Tracking employee performance

Conducting marketing research

Standardized activities to complete a specific task (correct)

How does WEB 2.0 technology enhance collaboration?

By enabling faster internet speeds

Through the use of static content

By allowing users to create and share content (correct)

By limiting user interaction

What is meant by the Long Tail in a business context?

Products with low sales that can still reach niche markets Signup and view all the answers

What does the VLOOKUP function do in MS Excel?

Looks up a value in a table and returns an associated value Signup and view all the answers

What characterizes structured decisions?

Highly predictable with clear rules Signup and view all the answers

What is the primary difference between relative and absolute cell addressing in Excel?

Relative addressing updates automatically when referenced Signup and view all the answers

What is the primary role of a Transaction Processing System (TPS)?

To process day-to-day business transactions Signup and view all the answers

Which of the following best defines database management systems (DBMS)?

Systems that allow complex queries and data linking Signup and view all the answers

Which of the following best describes a data warehouse?

A central repository of integrated data Signup and view all the answers

What is a key use of MS Excel for managers?

To facilitate decision-making through data analysis Signup and view all the answers

What is NOT a characteristic of information integrity?

Subjectivity Signup and view all the answers

What does data mining primarily focus on?

Finding patterns and trends in data Signup and view all the answers

What is a key challenge of data mining?

Inconsistent data formats from the cloud Signup and view all the answers

How does a Data Mart differ from a Data Warehouse?

Data Mart contains specific departmental data Signup and view all the answers

What is the definition of Big Data in a business context?

Massive datasets that require advanced tools to analyze Signup and view all the answers

Study Notes

Decision Making

Structured decisions are routine, with clearly defined procedures and outcomes; semi-structured decisions involve some ambiguity and require both data and judgment; unstructured decisions are non-routine, requiring creative problem-solving.
Transaction Processing System (TPS) captures and processes daily business transactions, storing vast amounts of data, while Decision Support System (DSS) analyzes TPS data to create analytical reports for management decision-making.

Data and Business Intelligence

Data is raw facts; information is processed data with context; knowledge is the application of information; business intelligence (BI) is the insights derived from analyzing data to support decision-making.
Characteristics of Information Integrity:
- Accuracy: Information must be correct.
- Relevance: Information should be pertinent to the task at hand.
- Timeliness: Information must be current.
- Consistency: Information should be uniform over time.
- Completeness: Information must contain all necessary details.
- Uniqueness: Information should avoid redundancy.
Database: A structured collection of related data (e.g., sales database with customer and product tables).
Data Warehouse: An integrated repository of internal and external data.
Data Mart: A focused subset of a data warehouse, tailored for specific business needs.
Data Mining: The process of discovering patterns and insights in large datasets, often utilizing data from warehouses and marts.
Big Data refers to extremely large datasets that require advanced processing to extract meaningful insights; it enables businesses to make data-driven decisions.
Data mining techniques include:
- Classification: Identifying to which category an item belongs.
- Clustering: Grouping similar items together.
- Regression: Predicting numerical outcomes based on data.
- Association: Discovering relationships between variables.
- Anomaly detection: Identifying outliers in data.
Challenges of data mining:
- Inconsistent data formats across clouds.
- Inaccurate information impacting results.
- Privacy concerns related to personal data usage.
- Complexity of data needing comprehensive mining approaches.

Business Functions & Business Processes

Business functions refer to various roles undertaken to achieve business objectives, while business processes are standardized tasks or activities designed to complete functions, such as worker scheduling.

Connectivity

Sustaining Technologies enhance existing products for current markets (e.g., improved smartphone features), while Disrupting Technologies create new markets and value networks (e.g., streaming services disrupting traditional media).
WEB 2.0 technologies facilitate user collaboration through interactive platforms, enabling content sharing and community engagement.

E-Business & M-Business

The Long Tail phenomenon describes niche products with lower sales volume but a broad variety; the internet allows these products to reach specific consumer segments, creating markets outside mainstream demand.

MS Excel Questions

A spreadsheet is a digital tool for organizing and analyzing data in tabular form.
VLOOKUP searches for values in a table; SUM adds numerical values from specified cells; IF executes conditional statements for logical testing.
Relative cell addressing adjusts cell references when copied, while absolute addressing keeps references constant regardless of copy location.
Managers utilize Excel for effective decision-making, tracking employee data, and analyzing business metrics.
Contrast between MS Access and Database Management Systems (DBMS):
- MS Access allows for straightforward data entry and limited querying, often with password protection, but limits the visibility of data across users.
- DBMS enables complex queries, linking multiple tables, and is scalable for managing transactional data.

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Description

Test your understanding of decision-making processes with this quiz focused on structured, semi-structured, and unstructured decisions. You will describe the differences among these types of decisions without referring to your notes. Assess your knowledge and prepare for further discussions with your tutor.